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Shuster Calls for the Resignation of Treasury Secretary Timothy Geithner

Washington, DC –Citing the recent decision by Standard and Poor’s to downgrade America’s AAA credit rating and our continued stalled economic growth; Congressman Shuster singed onto a letter to President Obama calling for the immediate resignation of Treasury Timothy Geithner.  Shuster was joined in the letter with his colleagues Rep. John Sullivan (R-OK) and Rep. Allen West (R-FL).

“The past two years have shown that President Obama’s economic policies have been an abject failure,” Shuster said. “It is time for a change in leadership in the Executive Branch and that change should start with the removal of Tim Geithner as Treasury Secretary.”

“Tim Geithner has overseen a decline in American economic strength not seen since the Great Depression. Unemployment remains dangerously high, consumer confidence is at record lows and for the first time, America’s credit rating has been downgraded.  This is a track record of failure that must not be allowed to continue,” Shuster added. 

The text of the letter sent to President Obama follows:

The White House

1600 Pennsylvania Avenue NW

Washington, DC 20500

 Dear President Obama:

The recent decision by Standard and Poor’s (S&P) to downgrade our nation’s AAA credit rating has left our economy on the brink of disaster and created economic turmoil across the world.  The American people have lost confidence in your Administration’s ability to manage our economy and major changes, starting with the resignation of Treasury Secretary Tim Geithner, must be made.  We request that you ask for Secretary Geithner’s resignation immediately. 

 As our nation’s Chief Financial Officer, and your top economic advisor, Secretary Geithner is the architect of a failed economic policy that has led to massive stimulus spending, crippling levels of debt and our nation’s first ever credit downgrade from a major rating agency.  Despite Secretary Geithner’s assurances there was no danger of losing the ‘AAA’ rating we held for over 70 years, just last week S&P took the unprecedented step of downgrading our long-term sovereign credit rating to ‘AA+’.  This historic decision also served to downgrade Secretary Geithner’s credibility with the American people and members of Congress.

As an administrator of your stimulus law, Secretary Geithner presided over $1 trillion of taxpayer money that did very little to improve the economy, but rather added a massive amount of debt at a time our nation could least afford it.  Today our national unemployment rate remains at an unacceptable 9% and the economic uncertainty created by our debt crisis is preventing businesses from hiring, expanding or spending their capital.

Mr. President, the economic policies being put forward by your administration are simply not working.  Under Secretary Geithner’s watch, the value of the dollar is approaching all time lows, $1 trillion in stimulus money was squandered away and the United States of America no longer has a‘AAA’ credit rating.   Any of these reasons would be sufficient enough to relieve him of his duties as America’s top financial officer.

Again, we strongly urge you to ask for Treasury Secretary Geithner’s resignation immediately. It is obvious that the dire state of our economy necessitates a change in the leadership of the Treasury Department to restore lost credibility and the faith of the American people.  We appreciate your prompt consideration of this request.