Word has leaked that Barack Obama has selected New York Federal Reserve President Timothy Geithner for Treasury Secretary. Wall Street liked the news. The Dow rose nearly 500 points after news broke of Geithnerâ€™s forthcoming appointment.
Geithner seems in line with many of Obamaâ€™s other selections: experienced, intelligent and respected by colleagues. Geithner served in the Treasury Department under the last three presidential administrations before moving to the New York Federal Reserve. He has worked closely with current Treasury Secretary Henry Paulson as well as Federal Reserve Chairman Ben Bernanke. He also played a sizable role in the recent financial bailout plans.
Obama certainly isnâ€™t wasting any time getting his most important cabinet members in place. Thatâ€™s good. Weâ€™ll have plenty of time to consider these men and women before they come up for confirmation.