Annette Nazareth withdraws from Consideration

March 6th, 2009 - 10:04 pm ICT by GD  

Annette Nazareth withdraws Annette Nazareth was Treasury Secretary Tim Geithner’s top pick to be his chief deputy at the Treasury Department. She has chosen to withdraw from consideration as administration sources confirm.

Nazareth is a former Securities and Exchange Commissioner, and her withdrawal may jeopardize Geithner’s attempt to build a staff amid the economic slowdown. She had been resisted at Capitol Hill for being “too lax a regulator” at the SEC. Her withdrawal is the latest to hit the Treasury Department that is presently struggling to fill in the key posts. Obama’s economics adviser Pail Volcker has already called the staffing problems “shameful” at the Joint Economic Committee hearing on February 28th.

Volcker had also said, “The Secretary of the Treasury is sitting there without a deputy, without any undersecretaries, without any, as far as I know, assistant secretaries in substantive areas at a time of very severe crisis. He shouldn’t be sitting there alone. Now various things have contributed to this, I guess, including vetting procedures, but it really is an unfortunate situation.”

While Treasury officials say that in spite of staffing issues all important work is being completed, the Democrats in Congress appear to think otherwise. Sen Tom Carper had asked Geithner how much progress had been made in staffing and said, “I worry about the administration especially with Treasury the ability to — to get your team around you,” Carper said. “And can you just give us an update on how — how we’re progressing there? Your deputy secretary and your undersecretaries, assistant — how are we doing there because you need — obviously, you need help.”

But Geithner had replied, “We’re making some progress, and we’ll — we hope to come up for the committee soon with a full slate of very strong people. And we’re doing this carefully as you would expect and you know trying to make sure that we have the best talent in the country, frankly.”

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