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That helps explain why managing the stimulus story has become a full-time White House preoccupation. On a typical day recently, Treasury Secretary Timothy Geithner appeared in the Bronx to announce $90 million in inner-city financing; Michelle Obama revealed $851 million in new health-center grants; and the President, in the Grand Foyer, hailed stimulus jobs "building wind turbines and solar panels." Biden announced plans to fly to Pennsylvania, where he will "highlight Recovery Act broadband investments," while other agencies rolled out press releases regarding new dump-truck engines in Montana, North Dakota school grants and diesel tractors...
Earlier this week, treasury secretary Tim Geithner sat down with TIME managing editor Rick Stengel at an economic summit hosted by Time Warner in New York City to discuss the outlook for the economy and President Obama's overhaul of the financial regulatory system. Later, the Secretary answered additional questions about the new financial rules and regulations. Some excerpts...
...Washington: chairing a bipartisan panel tasked with scrutinizing how the Treasury Department - first George W. Bush's, now Barack Obama's - is spending the $700 billion in federal money intended in large part to shore up failing banks. The role has Warren monitoring the decisions of Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke and the big-bank CEOs who have taken taxpayer money to clean up companies' balance sheets. If Warren's journey from Harvard to the center of the emergency financial-rescue effort were a movie, it could be called Out of the Library and into...
...plight of middle-class families, the focus of Warren's academic research. Her relationship with Treasury has been rocky. She got into a low-level war with former Treasury Secretary Henry Paulson and his staff over their perceived unwillingness to share information, and she had a shaky start with Geithner, who didn't seem to take the panel seriously at first. In an "Additional View" filed with the panel's June report, Republican panel member Jeb Hensarling wrote, "By choosing to focus much of its work on issues not central to our mandate the panel has missed critical opportunities...
Warren's dealings with Geithner hit some bumps early on too. After he took office, the panel requested for months that Geithner testify before it; he ignored the request at first but eventually relented. "The most generous interpretation would be that he was staggeringly busy, and to be well prepared for a hearing takes time," Warren says of Geithner, who testified in April. "The less generous interpretation would be that ... we were not on the best of terms." She insists that things are now going more smoothly...