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Geithner on the outs with Obama

By
Mark DeCambre
Published Jan. 23, 2010, 5:00 a.m. ET

Call him “Tiny” Tim.

As President Obama turns up the heat on Wall Street, Treasury Secretary Timothy Geithner appears to have a diminished role in shaping policies pertaining to the financial sector amid talk that he has reservations about the tack that the White House is taking to try to rein in firms.

Signs that Geithner might be on the outside looking in were visible Thursday, as the Treasury secretary stood two people away from Obama while the president outlined the broad strokes of a plan that could effectively separate commercial banking from investment banking and curb consolidation in the financial-services industry.

Customarily, Geithner has been at Obama’s side whenever the president discussed topics related to Wall Street.

But it wasn’t Geithner’s input that Obama sought when crafting his latest assault on banks. Instead it was ex-Federal Reserve boss Paul Volcker, 82, who on Thursday stood directly to the president’s right in the lineup of key players in the country’s economic recovery.

To be sure, there is no indication that Obama, despite calls from some congressional members, is looking to replace Geithner anytime soon. Indeed, the president has repeatedly expressed support for Geithner.

Treasury officials declined to comment.

Sources said Volcker’s position next to Obama signals the vindication of ideas that the former Fed chief has been advocating for months, but which have been stymied by Geithner and Larry Summers, director of the National Economic Council.

Sources said Geithner, former president of the Federal Reserve Bank of New York, has resisted Washington’s efforts to take a harsher stance on banks. He early on rejected Volcker’s proposals because he believes that bank activities like engaging in trading, or running hedge funds for their own benefit, didn’t cause the recession.

At the same time, Geithner has faced criticism for appearing to have a cozy relationship with Wall Street.

More recently, he has been criticized by members of Congress who are frustrated by the pace of the economic recovery.

But while he’s fought back on occasion, things aren’t expected to get easier for Geithner anytime soon.

Next week he is expected to testify before the Committee on Oversight and Government Reform amid accusations that the New York Fed, under his leadership, hid information from the public about the rescue of giant insurer American International Group.

“The only viable way for the president to hit restart on the economy is to make a personnel change,” Rep. Darrell Issa (R-Calif.), ranking member of the committee, told The Post. [email protected]