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Timothy Franz GeithnerAmerican economist and financier, 75th US Secretary of the Treasury
Date of Birth: 18.08.1961
Country:  USA |
Content:
Biography of Timothy Franz Geithner
Timothy Franz Geithner is an American economist and financier who served as the 75th Secretary of the Treasury of the United States. He was also the President of the Federal Reserve Bank of New York from October 2003. He played a crucial role in developing measures to rescue the US economy during the global crisis in 2008. Prior to this, Geithner held various positions in the US Department of the Treasury and the International Monetary Fund.
Early Life and Education
Timothy "Tim" Franz Geithner was born on August 18, 1961, in Brooklyn, New York. His father, Peter Geithner, worked for the US government and the Agency for International Development, regularly traveling to Zimbabwe and Zambia. He was also the head of the development assistance programs for developing countries at the Ford Foundation. His mother, Deborah, was a musician and piano teacher. Geithner's family has a lineage of prominent figures in American politics and business. His maternal grandfather was the Vice President of the Ford Motor Company and an advisor to President Dwight Eisenhower. Deborah's brother, Jonathan Moore, served as the Deputy US Representative for Political Affairs at the United Nations under President George H.W. Bush.
During his childhood, Geithner spent a significant amount of time in various countries in East Africa, India, Thailand, China, and Japan due to his father's work assignments. He developed an interest in photography and, while still in school, traveled to Cambodia to capture scenes of refugee life.
Geithner attended the International School of Bangkok and later enrolled at Dartmouth College. He studied Chinese and Japanese languages and worked as a Chinese language instructor during his senior years. In 1983, Geithner earned a Bachelor of Arts degree in government and Asian studies. He then pursued a Master's degree in international economics and Asian studies at The Johns Hopkins University School of Advanced International Studies, which he completed in 1985.
Career
After completing his education, Geithner joined Kissinger Associates, a consulting firm, where he served as an assistant to Henry Kissinger, the Nobel Peace Prize laureate and former US Secretary of State. In 1988, Geithner began working in the International Affairs department of the US Department of the Treasury. He held various positions, including Deputy Assistant Secretary for International Monetary and Financial Policy from 1994 to 1996, Assistant Deputy Secretary for International Affairs from 1996 to 1997, and Senior Assistant Deputy Secretary for International Affairs from 1997 to 1998. During his tenure at the Treasury Department, Geithner played a crucial role in providing assistance to the economies of Brazil, Mexico, Indonesia, South Korea, and Thailand, which were affected by the global crises of the late 1990s. He also briefly served as Assistant Financial Attaché at the US Embassy in Japan.
From 1998 to 2001, Geithner held the position of Undersecretary of the Treasury for International Affairs under the leadership of Treasury Secretaries Robert Rubin and Lawrence Summers, both of whom later supported Barack Obama's presidential campaign in 2008. In 2001, Geithner left the Treasury Department and joined the Council on Foreign Relations, where he worked in the Department of International Economic Relations from February to August. He then became the Director of Policy Development and Review and the Independent Evaluation Office at the International Monetary Fund until November 17, 2003.
Geithner was appointed as the President of the Federal Reserve Bank of New York in November 2003, which made him the Vice Chairman of the Federal Open Market Committee and a member of the "Group of Thirty" - an association of influential financiers and economists from around the world. As the head of the New York Fed, Geithner played a crucial role in combating the international financial crisis that began in 2008. He made decisions to rescue and subsequently sell investment bank Bear Stearns and insurance company American International Group, both of which were affected by the crisis. He also influenced the decision to allow Lehman Brothers, once the largest investment bank, to go bankrupt and implemented other measures to stabilize the US financial system.
Throughout his career, Geithner was known for maintaining good relationships with both Democrats and Republicans. While some referred to him as a moderate Republican, he never made political contributions since 1992. After Barack Obama's victory in the 2008 presidential election, Geithner was announced as the nominee for Secretary of the Treasury. His appointment was supported by the then-Secretary of the Treasury, Henry Paulson, and other experts, leading to a significant increase in the US stock market indices. Geithner was confirmed by the US Senate and assumed office on January 20, 2009.
In addition to his government positions, Geithner serves on the Board of Directors of the Center for Global Development, a Washington-based think tank, and is a trustee of the New York Economic Club. He is married to Carole Marie Sonnenfeld, whom he met while studying at Dartmouth College. They got married in 1985 and have two children, Benjamin and Elise. Geithner enjoys fishing, tennis, and surfing.
