Geithner Plans to Exit Cabinet

Treasury Secretary Timothy Geithner, the last remaining member of the president’s original economic team, said that if Obama is re-elected this year it is unlikely that he will remain in the White House, according to Bloomberg. The former president of the New York Federal Reserve told Bloomberg yesterday that he is “pretty confident” that Obama will not ask him to stay on should the administration be victorious in the 2012 election, and said he would do “something else” upon leaving, though didn’t specify what.

Part of this prediction is likely the fact that, according to polling this past July, only 22 percent of voters approve of the treasury secretary, while 41 percent disapprove and 22 percent heavily disapprove of him. During his term, Geithner oversaw a number of contentious policies, including the Troubled Asset Relief Program and the Dodd-Frank Wall Street Reform and Consumer Protection Act. Another part, according to Bloomberg, is that Geithner’s son was planning to move back to New York to finish high school, which is a challenging commute for someone working in Washington.

Possible replacements include Erskine Bowles, who served as chief of staff under President Bill Clinton, and South Dakota Senator Kent Conrad, according to Bloomberg. Of course, this is all contingent upon the president winning the election in 2012.