Geithner Said to Remain Uninterested in Fed Chairmanship

Former Treasury Secretaries Timothy Geithner & Larry Summers
Timothy Geithner, then U.S. treasury secretary, right, talks to Lawrence Summers, then outgoing director of the U.S. National Economic Council, in this 2010 file photo. Photographer: Andrew Harrer/Bloomberg

Sept. 15 (Bloomberg) -- Former Treasury Secretary Timothy F. Geithner isn’t interested in serving as Federal Reserve Chairman after Lawrence Summers today withdrew from consideration for the post, according to a person familiar with Geithner’s thinking.

Geithner, who has consulted with President Barack Obama on whom to nominate, remains firm in his stance even after Summers informed Obama he no longer wished to be considered as a possible nominee to lead the central bank, according to the person, who asked not to be identified.

“Any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration, or ultimately, the interests of the nation’s ongoing recovery,” Summers wrote in a letter dated today to Obama.

To contact the reporters on this story: Ian Katz in Washington at ikatz2@bloomberg.net; Peter Cook in Washington at pcook6@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net