Photo: U.S. Dept of Treasury
Treasury Secretary Timothy Geithner is expected to leave his post and now President Obama will have to pick his replacement. We’ve put together a rundown of some of the names being tossed around for the next Treasury Secretary.
The next Treasury Secretary will be continuing our long slog to recovery after the financial crisis. And then there’s China. And Europe…
Would you want that job?
Current Job: Current White House Chief of Staff
Resume: Most of Lew's career has been spent as a public servant working in various positions from the State Department to the Clinton Administration. He also did a stint at Citi. Before becoming White House Chief of Staff, Lew was the director of the Office of Management and Budget.
Why He's Right For The Job: Noted economist Nouriel Roubini Tweeted that Lew is likely to be the next Treasury Secretary. As the director of the Office of Management and Budget, he's experienced with fiscal matters and he would be easy to confirm by the senate, CNBC's Steve Liesman reports. However, he doesn't have the international experience or the banking experience even though he worked at Citi, according to Liesman's report.
Current Job: United States Under Secretary of the Treasury for International Affairs
Resume: Brainard is a Harvard grad who grew up as an American expat in Communist Poland. Before becoming one of the country's top financial diplomats, Brainard was an associate professor of Applied Economics at MIT. She also served as Deputy National Economic Adviser and Chair of the Deputy Secretaries Committee on International Economics during the Clinton Administration and spent time at McKinsey.
Why She's Right For The Job: She already works at the Treasury Department. She also has the international experience such as the Basel bank regulations and the G-20. However, Nouriel Roubini Tweeted that he sees her likely becoming the Deputy Treasury Secretary.
Current Job: United States Deputy Secretary of the Treasury
Resume: Wolin graduated from Yale law school and has a masters in Development Economics from Oxford. Much of his career has been spent in public service from serving as General Counsel of the U.S. Department of the Treasury under Secretary Larry Summers to serving as Deputy Legal Advisor to the National Security Council during the Clinton Administration. He was the president and COO of insurance giant The Hartford Financial Services Group.
Why He's Right For The Job: CNBC's Steve Liesman reports that Geithner supports Wolin. Liesman points out that he has the financial experience from The Hartford Financial Services Group and experience within the Obama administration.
Current Job: Head of the world's largest asset management firm, BlackRock.
Resume: Fink started his career at First Boston after getting his MBA from UCLA. He is one of the architects of the mortgage industry. In 1988 he joined BlackRock and rose up the ranks there until he secured the top spot.
Current Job: Chairman of the Commodity Futures Trading Commission
Resume: A Wharton grad, Gensler spent 18 years at Goldman Sachs before serving as Under Secretary of the Treasury under Clinton Administration Treasury Secretary Robert Rubin.
Why He's Right For The Job: MIT professor Simon Johnson says he would be a 'very strong pick' because he has stood up to special interests as CFTC chairman. He has experience working at Goldman and the Treasury Department.
Current Job: Former head of the Federal Deposit Insurance Corp
Resume: Bair earned her JD from the University of Kansas in 1978 and by 1981 was working for former Senator and presidential candidate Bob Dole in Washington. After that she had various positions at the Treasury, the University of Massachusetts Amherst and the New York Stock Exchange. She was appointed to head the FDIC by George W. Bush in 2006 and served until 2011.
Why She's Right For The Job: As chair of the FDIC, Bair was tough on banks. She was also a vocal critic of Secretary Geithner's handling of the financial crisis, and that's what got her this ringing endorsement from Forbes.
Resume: Bowles is a North Carolina businessman and former Clinton Administration staffer (he was the White House Chief of Staff). After earning his MBA from Columbia, Bowles went to work at Morgan Stanley eventually returning to his home state to get involved with politics. In 2010 he was appointed to co-chair President Barack Obama's National Commission on Fiscal Responsibility and Reform with Alan K. Simpson.
Why He's Right For The Job: Obama picking Bowles would show that 'he cares about the deficit and is serious about cutting it,' Curtis Aledge, CEO of Bank of New York Mellon's investment management arm said. JPMorgan CEO Jamie Dimon said last month had the Bowles-Simpson plan been adopted last year the U.S. economy would be booming. Former Morgan Stanley chairman John Mack told Bloomberg TV that Bowles has both the government and the business experience.
Current Job: Founder and CEO of Evercore Partners
Resume: Altman has bounced between the private and public sectors since the beginning of his career. He started at Lehman Brothers and made partner, then left to serve as Assistant Secretary of the U.S. Treasury for four years. Then he went back to Lehman, joined Blackstone group as a Vice Chair and then went back to Washington again in 1993 to serve as Deputy Secretary of the Treasury for 2 years. He started Evercore in 1996 and holds a BA from Georgetown and an MBA from the University of Chicago.
Why He's Right For The Job: He has both the Wall Street and the U.S. Treasury Department experience, but most of the buzz we're hearing is just from financial TV.
Current Job: COO of Facebook
Resume: Before Facebook and a stint at Google, Sandberg was the Chief of Staff for the Department of Treasury. She studied Economics as an undergraduate at Harvard and wrote her thesis under the direction of Larry Summers. She then went to work for him at the World Bank before going back to Harvard to get her MBA.
Why She's Right For The Job: Sandberg, who is a Silicon Valley star and one of the most powerful women in the world, has experience from when she was Chief of Staff to Larry Summers, then-Treasury Secretary. Last year, our CEO Henry Blodget pointed out that unlike Geithner, Sandberg has enough distance from Wall Street where she wouldn't 'appear to be a pawn of the big banks.'
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