Geithner Confirmed as Treasury Secretary; Calls for Plan to Address Foreclosures

Tim Geithner was sworn in as treasury secretary yesterday evening having been confirmed earlier that day by the Senate in a 60 to 34 vote. As treasury secretary, Geithner will serve as the principle economic advisor to President Obama, advising him on how best to manage the federal government’s economic policy, at a time when the nation is dealing with a mortgage crisis and a recession.

At his confirmation hearing earlier this month, Geithner urged Congress to pass Obama’s American Recovery and Reinvestment Plan.  The plan, outlined in Obama’s first weekly address, will create three million new jobs, with just over 80 percent in the private sector, while also providing direct tax relief to 95 percent of American workers. Geithner called the plan “a critical part” of the solution to the nation’s economic crisis but stressed that it had to be accompanied by “aggressive action to address the housing crisis and to get credit flowing again.”

Geithner also noted that much of the problem with the nation’s economy is related to “unprecedented foreclosure rates” and cited the need to provide a “comprehensive” plan for addressing the nation’s housing crisis.

Video of the hearing (Real Player).