Tim Geithner to be Barack Obama's Treasury Secretary

It’s about time!

Barack Obama will be name Tim Geithner as the Treasury Secretary.

As the markets continue to struggle, the Treasury Secretary position will play a vital role in revitalizing the economy.

The official announcement is expected on Monday.

In addition, Obama will be unveiling his financial team on Monday to further calm the markets, reports MSNBC.

Background:

Tim Geithner was the 9th president of the Federal Reserve Bank of New York. In that role he also serves as Vice Chairman of the Federal Open Market Committee (FOMC).

After completing his studies, Geithner worked for Kissinger and Associates in Washington, DC, for three years and then joined the International Affairs division of the US Treasury Department in 1988.

In 1999 he was promoted to Under Secretary of the Treasury for International Affairs and served under Treasury Secretaries Robert Rubin and Lawrence Summers.

In 2001 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. He then worked for the International Monetary Fund as the director of the Policy Development and Review Department until moving to the Fed in October 2003. In 2006 he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

He was involved in the Bear Stearns and AIG Bailout and the decision to let Lehman Brothers fail.