Geithner rules out US Fed role

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Timothy Geithner, who yesterday stepped down as Barack Obama’s treasury secretary, has ruled himself out of the running to take the helm at the US Federal Reserve.

The former Federal Reserve Bank of New York president, who was appointed treasury secretary in 2009, had been tipped to replace current Fed chairman Ben Bernanke, whose second four-year term ends in January 2014.

Geithner said: “I have great respect for the institution but that will be someone else’s privilege.”

Bernanke is yet to comment on his plans, but it is widely expected that he will step down when his term expires. With Geithner out of the race, Janet Yellen – the Fed’s vice-chair – is now seen as a likely candidate to take the top job at the US central bank.