Word: capitols
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...time of economic peril, of course, that is probably a good thing. Geithner has been in the middle of efforts to mitigate the financial crisis since it began in August 2007, and he is likely to be welcomed in Capitol Hill confirmation hearings as warmly as he was on Wall Street today, where the Dow industrials rallied nearly 500 points on news of his nomination. He does carry the baggage, however, of the still unsuccessful Bush Administration's attempts to halt the crisis. (See the Top 10 Dow Jones drops...
...part, Geithner has shown a solid mix of composure and creativity throughout. In testimony on Capitol Hill and in public statements he comes across as levelheaded and even soft-spoken. Says John Sexton, the president of New York University, who previously chaired the committee that picked Geithner for the New York Fed job: "I've been in conversations with Tim on critically important and time-sensitive issues, crises, and I've been struck by his ability to stay calm...
...said Thursday he didn't know his boss's political registration.) Still, antiwar activists are growing concerned at the prospect of an increasingly hawkish Obama Cabinet featuring Gates as Defense chief and Senator Hillary Clinton (who supported invading Iraq) as Secretary of State. But Gates has won praise on Capitol Hill for arguing that U.S. foreign policy is too militarized and for firing senior officers and officials he deemed to have failed the nation's wounded vets and to have been derelict in ensuring the security of America's nuclear weapons. (See the Top 10 Secret Service code names...
...chairman of the House Energy and Commerce Committee and give the post to Waxman. Few jobs in Congress are as powerful; the committee has one of the largest swaths of jurisdiction, encompassing energy, health-care and environmental issues. Waxman's elevation upends one of the most revered principles on Capitol Hill: the seniority system. "It's just been buried," says Representative Charlie Rangel of New York, chairman of the Ways and Means Committee. (See 10 Questions with Henry Waxman...
...concern that Waxman would not be sensitive enough to the need to protect jobs as the country goes through that transition. Dingell's ouster also comes as the big automakers are foundering in their bid for a $25 billion bailout, another measure of the industry's declining power on Capitol Hill...