Geithner Confirmed to Lead Treasury

The Senate has approved the confirmation of Timothy Geithner to be the new Treasury secretary and he was quickly sworn-in Monday evening to play a major role in President Barack Obama's efforts to stabilize the financial system and housing markets. At his swearing-in ceremony, Mr. Geithner said the Obama administration intends to move quickly and "launch programs that will bring economic recovery sooner." President Obama has directed his economic team to develop a comprehensive plan to stabilize the banks, revive credit markets and address the foreclosure crisis that could be unveiled in a week or two. The new cabinet secretary has worked at Treasury Department before. He most recently served as president of the New York Federal Reserve Bank, where he was involved in the rescues of Merrill Lynch, AIG and Citigroup. The Senate approved Mr. Geithner's confirmation by a 60-34 vote. Many Republicans and four Democrats voted against Mr. Geithner, who will oversee the Internal Revenue Service, because of his failure to pay $43,000 in payroll taxes earlier in the decade.