Paulson: Way To Go, Obama
Treasury Secretary Hank Paulson just released this statement regarding the president-elect and his transition:
"I congratulate Senator Obama on the election and look forward to working with his team to ensure that there is a smooth and effective transition.
A methodical and orderly transition is in the best interests of the financial markets and Treasury is committed to making sure that the incoming team can hit the ground running in January.
The next secretary will also benefit from the support of an exceptional staff of hard-working career employees at Treasury who are critical to the important work before the department."
Who's in line to take over for Paulson?
Here's some reporting The Post's Steve Mufson did yesterday:
-- One leading candidate is Larry Summers, a brilliant economist who served in the Clinton administration as Treasury Secretary. He later became president of Harvard University, though his tenure there was marked by a dispute over a comment he made about women and academia. He has been very active in the past couple of months in shaping Obama’s economic message.
-- Timothy Geithner, the youthful-looking president of the New York Federal Reserve. Geithner is highly regarded and is a former Treasury official. The New York Fed job is hugely important and has given him a lot of hands-on experience with big banks. But picking him means having to find someone else for the New York Fed job at a crucial time.
-- Paul Volcker, but that seems much less likely. The former Fed chairman is in his 80s and will probably end up playing a prominent but less formal advisory role. (During the first Reagan administration, Volcker got the Carter administration stagflation under control, though it was Carter who appointed him. -- Frank Ahrens.)
-- Laura Tyson, chairman of Clinton’s Council of Economic Advisers and a Cal-Berkeley economics prof, is said to want the Treasury job, but is given less of a chance. She might fit in elsewhere, perhaps as head of the National Economic Council in the White House or at another cabinet post.
-- Frank Ahrens
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