Geithner confidante to relinquish Treasury role

5 March 2010

Lee Sachs, a senior member of the US Treasury and close advisor to Treasury Secretary Tim Geithner, is to step down from his role.

Mr Sachs is thought to have been one of the key figures in developing banking system tests and policies that helped stabilise the US economy after the global credit crash.

According to an official from the body, the financial advisor is leaving the role as he believes his main goal of stabilising the financial system has been achieved.

It is not yet known what Mr Sachs will do once he has left the post, although he has previously worked with private-equity firms.

Mr Geithner said: “Lee has displayed great judgment and skill in helping the president navigate the greatest financial crisis since the Great Depression.”

Matthew Kabaker, another senior Treasury advisor, is expected to take on much of Mr Sachs’ work and will be head of the Office of
Capital Markets and Housing Finance.

The departing postholder, who worked closely with his successor on devising the Treasury’s policies on dealing with the financial crisis, previously worked as a Treasury assistant secretary during Bill Clinton's tenure as US president.

By Jim Ottewill

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