Timothy Geithner officially became U.S. Treasury Secretary Monday evening in Washington, DC.
With his wife Carol at his side and President Barack Obama looking on, Geithner took the oath of office from Vice President Joseph Biden.
Before the official swearing-in President Obama told those present that Geithner and the administration have no time to spare in moving to correct what's wrong with the economy.
"The work of Tim and the Treasury Department must begin at once. Every day, the economic picture is darkening, here and across the globe," said Obama. "The financial crisis is of our own making, and not beyond our ability to solve it. It will take time, perhaps many years. But we can rebuild the lost trust and confidence."
After taking the oath, Geithner pledged to help put President Obama's economic stimulus program into effect as fast as possible.
"The Treasury has to be and will be a source of bold initiative," said Geithner. "We are at a moment of maximum challenge for the economy and our country."
Geithner took the oath just a short time after winning confirmation by the full Senate, which approved the nomination in a closer than expected vote of 60 to 34.
The 47-year-old Geithner came under fire during his nomination process after Senate Finance Committee vetting of his personal finances discovered he had failed to pay self employment taxes while working at the International Monetary Fund from 2001 to 2004.
Although Geithner and his supporters called the failure an "honest mistake" and noted that he ultimately did pay back everything he owed, the explanation fell short for some Senators.
Sen. Charles Grassley, R-Iowa, the ranking minority member of the Finance Committee, said that while it wasn't uncommon for the vetting process to turn up irregularities, this was the first time a nominee had chosen to push forward with a history of tax problems of this magnitude.
"I realize that economic times are tough now … but if anything that should be an incentive to us to raise our standards," Grassley said.
Grassley added that Geithner's tax errors would call into question his ability to oversee the IRS as head of the Treasury Department.
"The same internal revenue code applies to everyone," Grassley said. "Can this system operate with integrity if all parts of it report to someone who was unable to meet his own obligations."
He added, "I must vote to uphold the finance committee vetting process … [and] vote for the importance of character and integrity of those who serve in government."
Sen Tom Harkin, D-Iowa, also said he would vote against Geithner, although he anticipated that Geithner would be confirmed by an "overwhelming" margin.
Harkin said he was especially troubled by the fact that when an IRS audit revealed Geithner owed taxes, he only immediately paid his debt and interest for 2003 and 2004.
"He chose not to repay for 2001 to 2002, years for which the statute of limitations had expired. … He chose not to do so until he learned he was going to be nominated for Treasury Secretary," Harkin said. "How can Mr. Geithner speak with any credibility as the nation's chief tax enforcer."
But Geithner's nomination drew a strong defense from many senators, including Senate Majority Leader Harry Reid, D-Nev.
"This powerful economic storm demands strong, decisive and wise leadership," Reid said. "No one is more qualified or prepared for the task than Tim Geithner."
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