Geithner Getting Help — But Holes Remain at Treasury

ABC News’ Matthew Jaffe reports: Treasury Secretary Tim Geithner now has more help at his short-staffed department after Neal Wolin was confirmed by the Senate late Monday to become his deputy secretary. Wolin, who worked at Treasury from 1995 until 2001, becomes the fourth top official, including Geithner, to be approved by Congress in the first few months of the Obama administration. He is also the third key official confirmed in recent weeks, following Assistant Secretary for Economic Policy and Chief Economist Alan Krueger on May 6 and Assistant Secretary of Terrorist Financing David Cohen on May 1. Another top aide, Under Secretary for Terrorism and Financial Intelligence Stuart Levey, has remained at the department as a holdover from the Bush administration. "I am thrilled to have Neal return to the department," Geithner said in a statement Tuesday morning. "Neal brings a deep knowledge of the Treasury Department and strong managerial experience in both the private and public sectors and I look forward to working closely with Neal at this critical moment in our nation’s history." At a Newsweek luncheon on Monday, the Treasury chief disputed criticisms that the department has suffered from understaffing, forced to put crucial decisions put on hold. "I actually think we’re doing quite well in terms of speed, quality of policy," Geithner stated. Under his watch, the department has already unveiled a flurry of initiatives to end the nation’s recession, from programs to rid banks of their bad assets to plans to end the housing crisis and boost lending for small businesses and consumers. But Geithner acknowledged Monday that the hiring process has not been as speedy as they might have hoped. "These things always take longer than you expect," he noted. "And if you look at the arc of confirmations in this administration, we’re ahead of the curve in some areas. We’re slightly behind in other areas. But even below that level, we’ve got some great, talented people." Other key officials still awaiting Senate confirmation include former Fannie Mae CEO Herb Allison to manage the government’s $700 billion bailout program. Former Clinton aide Jake Siewert is also coming on board. Still, even as Geithner bolsters the ranks at Treasury, some key aides are departing. Administration officials said Sunday that Geithner’s chief spokeswoman Stephanie Cutter is leaving the department to lead the fight for President Obama’s eventual Supreme Court nominee. –Matthew Jaffe