Schumer, Durbin and Barney Frank See No Problem with Treasury Nominee’s Tax Problems

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Nicholas Ballasy & Matthew Hadro
January 19, 2009

House Financial Services Committee Chairman Barney Frank (D-Mass.) told that Treasury Secretary nominee Timothy Geithner is qualified to serve despite his failure to properly pay at least $34,000 in taxes. Other members of Congress, including Sens. Chuck Schumer (D-N.Y.) and Senate Majority Whip Dick Durbin (D-Ill.) agreed, but some Republicans questioned the nomination.

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As Treasury Secretary, Geithner would oversee the federal treasury and the Internal Revenue Service (IRS).

According to documents released by the Senate Finance Committee, Geithner failed to make several tax payments as required when he worked at the International Monetary Fund and, in total with penalties, has had to pay $48,268 in back-taxes and penalties that go back as far as 2001.

Geithner worked as director of the Policy Development and Review Department at the International Monetary Fund from 2001-2003. In October 2003, he was named the ninth president of the Federal Reserve Bank of New York, where he currently works. In 2006, he also became a member of the The Group of Trinity, a Washington-based financial advisory body.

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