Timothy Geithner Confirmed as Treasury Secretary

By: • Mon, Jan 26 2009, 8:08 PM

Timothy Geithner was confirmed as U.S. Treasury secretary by the Senate Monday night.

Despite outbursts of Republican opposition throughout the day from Senators, including Oklahoma's James Inhofe and South Dakota Senator John Thune, Geithner's position was confirmed by a vote of 60-34.

Last week, Geithner called for an overhaul of the regulatory structure overseeing the U.S. financial system.

"We are going to need sweeping changes, in regulatory policy, the oversight structure, and in our tools for crisis management," Geithner wrote in a letter to Democratic Senator Carl Levin, released Friday. "I very much believe that federal oversight needs to be strengthened, including areas of derivatives markets."

He has also taken a hardline trade stance towards China, particularly against the country's manipulation of the yuan exchange rate.

Last week, Geithner endured hours of questions from the Senate Finance Committee, much of which focused on his failure to pay Social Security and Medicare taxes from 2001 to 2004.