Financial Times FT.com

Home alone at the Treasury

Published: March 16 2009 02:00 | Last updated: March 16 2009 02:00

The upper reaches of the US Treasury are still sparsely populated. Late last week Rodgin Cohen, an eminent Wall Street lawyer, withdrew from consideration for the post of deputy secretary. Annette Nazareth, the former Securities and Exchange commissioner, dropped out of the running for the same job the week before. Officials of foreign finance ministries, which the Obama administration is urging to co-operate more eagerly in shaping a global fiscal stimulus, complain that when they call to talk, nobody answers. US commentators mock the youthful-looking Treasury secretary, Tim Geithner, for being "home alone".

The problem goes several layers deep, and affects all the agencies. More than 1,000 jobs are subject to presidential nomination and Senate confirmation, and the process is slow. This time it is no more drawn out than usual, but it seems worse because filling the empty Treasury desks is so urgent. Many on Capitol Hill criticise Mr Geithner for the delay in announcing a detailed financial stability plan. The confirmation process overseen by the Senate, and the rigorous vetting of candidates it requires, is partly to blame.

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