United States Treasury Secretary Timothy Geithner sits down for a conversation with attendees of the Monitor Breakfast about the Obama administration's 2011 legislative priorities for the financial sector.
David Cook is Senior Editor and Washington bureau chief of The Christian Science Monitor. He oversees the Monitor's 9-person bureau in the nation's capital, hosts the Monitor's newsmaker breakfasts, and writes for csmonitor.com.
For over 40 years, Monitor breakfasts have brought journalists together with key public officials to talk about the issues of the day in a candid, in-depth fashion. Since their start in 1966, four US presidents, five vice presidents, and countless cabinet and congressional officials have been guests at the 3,600 breakfasts the Monitor has hosted.
When Monitor correspondent Jill Carroll was held captive in Iraq for 82 days in 2006, Cook served as the Monitor's spokesperson and appeared on numerous national broadcasts including "Today," "Nightline," "The News Hour with Jim Lehrer," and "ABC World News Tonight."
From August 1994 through July 2001, Cook served as editor of The Christian Science Monitor. During his term, the Monitor's print edition was redesigned, csmonitor.com was launched, and the paper won numerous awards including the 1996 Pulitzer Prize for international reporting.
Previously Cook was editor of Monitor Broadcasting which produced daily radio news programs heard on 200 public radio stations. He also served as managing editor of the Monitor's Emmy award-winning nightly television news program "World Monitor."
His current assignment is Cook's third tour in Washington. During two previous postings in the nation's capital he covered economic policy. He also has been a Detroit-based correspondent for Business Week.
Cook was awarded a Bagehot Fellowship in Business and Economic Journalism by Columbia University. He is a graduate of Principia College, attended the Advanced Management Program at Michigan State University, and served in the U.S. Army. He is a member of the Gridiron Club, Washington's oldest journalistic organization, and the father of three grown sons.
Timothy Franz Geithner is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
Treasury Secretary Timothy Geithner says Elizabeth Warren would be a "very effective leader" of the consumer watchdog agency mandated by the financial reform bill President Obama recently signed into law. "She represents to a large part of the country, not just people caught up in the damage of the crisis, but people who view this system as being fundamentally broken," says Geithner.
United States Treasury Secretary Timothy Geithner responds to a question about his feelings towards the family of late Yankees owner George Steinbrenner, who recently avoided around $500 million in taxes due to the estate tax lapse. "I think it is a terribly troubling thing that the Unite States of America would let the estate tax lapse and leave the future of it so uncertain for such a long period of time," says Geithner.
U.S. central bank system consisting of 12 Federal Reserve districts with a Reserve bank in the principal commercial city of each district. The system is supervised by a board of governors in Washington, D.C., as well as by various advisory councils and committees. As a result of the Federal Reserve Act of 1913, all national banks are required to join the system; state banks may join if they meet membership qualifications. The Federal Reserve is responsible for monetary policy. The original act set fixed reserve requirements for the U.S. fractional reserve banking system. It allowed each district bank to determine its discount rate, the rate it charged on loans to member banks. The modern Federal Reserve resulted from the Federal Reserve Act of 1935, which allowed the board to determine reserve requirements within defined limits. It became responsible for approving the discount rates of the district banks. Most importantly, the act created the Federal Reserve Open Market Committee, which is responsible for conducting operations in financial markets that increase or decrease the amount of reserves in the system. If the Federal Reserve wants to ease monetary policy, it will use open market operations and increase the amount of reserves through the purchase of financial assets. Conversely, it can tighten monetary policy through the sale of financial assets.