WASHINGTON -- As Treasury Secretary Timothy F. Geithner prepared to leave office Friday, he was clear about one thing he won't be doing in the future -- running the Federal Reserve.
Fed Chairman Ben S. Bernanke's second term expires in January 2014 and the speculation is he will not seek reappointment. Geithner has been rumored as a potential replacement.
Asked about the possibility, Geithner dismissed it.
“Not a chance,” he told Politico. “I have great respect for the institution, but that will be someone else's privilege.”
With Geithner apparently out of the picture, Fed Vice Chair Janet Yellen moves to the top of the list of potential replacements if Bernanke opts to step down.
Geithner, 51, served as president of the New York Fed from 2003 until early 2009. In that post, he was a key player in the government's response to the financial crisis in 2008.