Friday, January 23, 2009

Burr Opposes Geithner for Treasury Secretary

WASHINGTON, D.C. – Today, U.S. Senator Richard Burr (R-North Carolina) issued the following statement on President Obama's nomination of Tim Geithner to serve as U.S. Secretary of the Treasury:
"I think the President should be given the benefit of the doubt in selecting the executive leadership of his Administration, and I've been pleased with many of his nominations.  In weighing a nominee, the most important questions I ask is if he or she is qualified to effectively lead an executive department and whether the nominee possesses the judgment necessary to manage and spend taxpayer money wisely and in an open and transparent manner.
"As I asked these questions, I came to the conclusion that Mr. Geithner does not measure up.  With the entire banking system collapsing, Mr. Geithner served as the head of the most important and powerful Reserve Bank in the nation.  During his tenure at the New York Federal Reserve, Mr. Geithner was a leading participant in many late-night, closed-door deals made between major financial institutions and the federal government.  I have particular concern with the ill-conceived proposed merger between Citigroup and Wachovia.  It is now clear, as Citigroup is on the verge of break up, that it was in major financial trouble. 
"Many questions remain about the decision-making process and the judgment of government participants, including Mr. Geithner and the New York Federal Reserve.  So far, Mr. Geithner's response to the Finance Committee on this particular issue raises more questions than it answers.  Additionally, I have concerns about the unanswered questions concerning Mr. Geithner's taxes and his now being asked to head the Treasury Department and oversee the IRS.  For these reasons, I cannot support Mr. Geithner's nomination as Secretary of the Treasury."

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