Treasury Secretary Tim Geithner Will Not Serve a Second Term

(Reuters)

Tim Geithner, one of President Barack Obama’s closest economic advisers, has no intention on staying on as Treasury secretary if Obama wins a second term.

Geithner, who was one of the chief architects of the government’s response to the financial crisis, told Bloomberg Television he’s “pretty confident” Obama won’t ask him to stay on.

“I’m confident he’ll be president. But I’m also confident he’s going to have the privilege of having another secretary of the Treasury,” Geithner said.

The comments, which were confirmed by the Treasury Department, mean a second four-year term in the White House would be led by an entirely different economics team than the one Obama started with. Other high-profile advisers like Larry Summers and Christine Romer have already left the White House.

Geithner, 50, declined to say what he plans to do next, but said it will be “something else.”

Before being tapped to lead the Treasury Department during the depths of the Great Recession, Geithner served as president of the New York Federal Reserve under President George W. Bush.

In both positions, Geithner helped spearhead the government’s emergency plans to end the most serious financial crisis since the Great Depression. He is credited with putting the nation’s largest banks through stress tests that eventually helped restore confidence in the financial system.

But Geithner is also heavily criticized by the left and the right as the U.S. unemployment rate remains at a painfully high 8.5% level. Some believe Geithner has been too cozy with Wall Street, while others feel the White House has been too tough on big banks.

Still, if he stays on until next January, Geithner will be one of the longest-serving secretaries of the Treasury ever.

It’s not clear yet who will replace Geithner should Obama win in November, but one frequently mentioned candidate already bowed out earlier this week.

In an exclusive interview with FOX Business’s Charlie Gasparino, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon said he doesn’t believe he’s “suited” for the key position. Another potential replacement, former JPMorgan exec Bill Daley, recently stepped down as White House chief of staff.

One name that has been rumored to be in the running at Treasury should Obama be reelected is Larry Fink, the CEO of BlackRock (NYSE:BLK). Fink "desperately" wants the job, Gasparino reported.