Profile of Timothy Geithner
In 2006, Geithner
Hi, my name is Megan Murphy and today on About.com, we're profiling Timothy F. Geithner, who is currently serving as the 75th Secretary of the United States Department of the Treasury under President Barack Obama.Geithner was born on August 18th, 1961 in Brooklyn, New York. But Geithner's father's job as a consultant on international development required his family to travel throughout Asia and eastern Africa most of his childhood.Geithner went to high school in Bangkok, Thailand. In 1983, he received a Bachelor's degree in both government and Asian studies from Dartmouth College. Then in 1985, Geithner earned his Master's degree at Johns Hopkins University in international economics and East Asian studies.On June 8th, 1985 Geithner married his wife, Carole Sonnenfeld Geithner. They would later have two children.For his first job, Geithner worked as a research assistant at Kissinger Associates. In 1988, he joined the Treasury Department. Geithner had several jobs in the organization until he eventually was promoted to Undersecretary of the Treasury for International Affairs from 1999 to 2001. He worked under Secretaries Robert Rubin and Lawrence Summers.From 2001 to 2003, Geithner was the director of Policy Development and Review Department at the International Monetary Fund.In Geithner's job prior to becoming Secretary of the Treasury he was nominated as president and CEO of The Federal Reserve Bank of New York in 2003. This gave him the opportunity to serve as chairman and permanent member of the Federal Open Market Committee, which is responsible for making the nation's monetary policy. In 2006, Geithner ran into controversy when his Senate confirmation was delayed because he owed nearly $35,000 in unpaid federal self-employment taxes from 2001 to 2006.At his hearing, Geithner said he didn't pay his taxes because of an "unintentional" error. He was under the impression that he was a regular employee when he was Policy Director of the IMF. Regular employees do not have to pay self-employment taxes; contractors, on the other hand, which Geithner was considered, do have to pay those taxes.After Geithner paid taxes with penalty and interest, President Obama nominated Geithner to serve as Treasury Secretary. On January 26th, 2009, the Senate confirmed him.