Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Geithner had said he would leave the department after the conclusion of Obama's first four-year term/XINHUA

Kenya

Geithner to leave US Treasury on Friday

Geithner had said he would leave the department after the conclusion of Obama's first four-year term/XINHUA

Geithner had said he would leave the department after the conclusion of Obama’s first four-year term/XINHUA

WASHINGTON, Jan 23 – US Treasury Secretary Timothy Geithner, who steered the administration of President Barack Obama through the financial crisis, will step down from his post Friday, a source told AFP on Tuesday.

Geithner had said he would leave the department after the conclusion of Obama’s first four-year term. The president was sworn in on Sunday for a second term.

Obama has nominated longtime Washington insider Jack Lew, his current chief of staff, to succeed Geithner. His nomination requires Senate approval.

Deputy treasury secretary Neal Wolin is to serve as acting secretary pending Lew’s confirmation.

Geithner, the former head of the Federal Reserve Bank of New York, took the helm at Treasury in 2009. He had a rocky start, but has since emerged as one of the more high-profile people to hold the job in recent years.

His departure comes amid a major reshuffling of Obama’s cabinet for his second term.

Several cabinet heavyweights, including Secretary of State Hillary Clinton and Defence Secretary Leon Panetta, have announced plans to leave the administration.

Also on Tuesday, US Trade Representative Ron Kirk announced he would depart his post in late February.

Under Kirk’s watch, the US signed bilateral trade agreements with South Korea, Colombia and Panama, even as wide-sweeping talks under the World Trade Organization’s Doha round languished.

Kirk announced earlier this month that the US would join a group of 20 trading partners to attempt to negotiate a global agreement on services.

Advertisement. Scroll to continue reading.

In a statement, Obama praised Kirk for his progress on international talks and for serving as a “tremendous advocate for the American worker” in striving to crack down on unfair trade practices around the world.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...