Paul Wants Geithner to Step Down

by admin on August 10, 2011

Joining a growing chorus of GOP leaders and lawmakers, U.S. Sen. Rand Paul, R-Ky., is pushing for Treasury Secretary Timothy Geithner to resign and will seek a vote of no confidence once the Senate returns from recess.

Geithner recently told President Barack Obama he would stay on through the end of the president’s first term, but there’s been increased pressure from Republicans to push him out after Standard and Poor downgraded the country’s credit rating.

Though the agency cited the dysfunction of Congress as a major factor in its decision, Paul says the treasury secretary has failed to institute policies to curb rising unemployment, domestic prices and debt.

“The stock market gave a vote of no confidence to Timothy Geithner yesterday and for the past 11 days,” Paul said in a statement Wednesday. “Geithner has shown no acumen in predicting, diagnosing, or treating America’s economic woes. The time has come for him to resign.”

The resolution would seek a motion that would indicate Congress has no confidence Geithhner will institute policies that will reverse the downgrade in America’s debt.

Paul also cites Geithner’s tenure as president of the Federal Reserve Bank of New Yorkand faults him for the Federal Reserves’s failure to diagnose and act on the housing crisis.

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