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Possible Successors at Treasury

Thursday, September 25, 2008

Proposed Expanded Reach of Secretary of Treasury

Sec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Possible Successors

Democrats

Timothy F. Geithner: President of the Federal Reserve Bank of New York. Frequently mentioned as a strong candidate due to his work on the credit crisis and experience as a top Treasury official in the 1990s. But would he use the bully pulpit?

Steven Rattner: Founder and managing principal of the private-equity shop Quadrangle Group. A former journalist and close adviser to Hillary Clinton who is respected in Washington and Wall Street. But does he have the name recognition to inspire confidence in the markets?

Lawrence H. Summers: Treasury Secretary from 1999 to 2001, at end of Clinton administration. A top economist with a penchant for controversial remarks, making him a long shot, Washington insiders say. Is he open to returning to the Treasury?

Republicans

John A. Thain: Last chairman and chief executive of Merrill Lynch before its acquisition by Bank of America this month. Former chairman of New York Stock Exchange. He is good friends with John McCain. But is he too close to Wall Street?

Michael Bloomberg: Mayor of New York City. Has deep knowledge of Wall Street and has forged a successful political career. But would he leave Gracie Mansion for a Cabinet position?

Mitt Romney: Former governor of Massachusetts

Former private-equity guru from Bain Capital is considered a dark horse. Did his campaign for the Republican presidential nomination turn the Democrat-controlled Senate off him?

Henry M. Paulson Jr.: Treasury Secretary. Face and voice of the government's response to the credit crisis has said he will leave in January. Would he agree to stay?

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