Timothy Geithner, chosen for the post of Treasury Secretary by President-elect Barack Obama failed to pay federal taxes worth over 34,000 dollars for several years, a media report says.
Geithner had told President Barack Obama that he would leave his cabinet by this summer as his family has moved to New York.
US companies are rebuilding their capital stock as well as the workforce and hiring people back to work.
Geithner and Bernanke are scheduled to visit Mumbai tomorrow.
Complimenting India on maintaining market linked exchange rate, US Treasury Secretary Timothy Geithner on Monday asked other key economies to move toward flexible exchange rate regime.
Reforms are key to India sustaining the pre-economic crisis growth rate of 9 per cent, United States Treasury Secretary Timothy Geithner said in New Delhi on Monday.
The US, he said, is working in the G-20 to help build consensus on long-term reforms that will provide the foundation for a more balanced, more stable global economy.
US Treasury Secretary Timothy Geithner has left for New Delhi to launch the Indo-US Economic and Financial Partnership which according to him would set the pace and put and economic relationship between the two countries on a new trajectory.
Geithner and Bernanke held talks with India's major multinational corporations.
US Treasury Secretary Timothy Geithner has said that he is in favour of expansion of H-1B visa programme, offered to highly skilled professionals and students to live and work in the country.
When President Barack Obama and Dr Manmohan Singh had announced the initiative, Geithner had said that 'India is an emerging global power and a country with which the US has an increasingly important economic and financial relationship.'
After averaging at 8.8 per cent growth over the past four years, India's growth rate in 2009-10 is expected to slow down to 5.5 per cent mainly due to lower investment and declining external demand, the US Treasury Secretary Timothy Geithner has said.
By June end, Treasury Secretary Timothy Geithner is scheduled to land in India for economic and business talks with his Indian counterpart.
Even as US President Barack Obama urged his countrymen to buy American cars, the United States Treasury Secretary on Monday insisted that the country is not in favour of protectionism and has a great interest in a growing open world economy.
Industrialists Anand Mahindra and Ratan Tata will co-host a power lunch for CEOs with the visiting US Treasury Secretary Timothy Geithner on April 7.
He also called for tough and effective reforms so that when such mistakes happen, they are modest in size and the financial system can handle them well.
Taking a cue from his hero Abaraham Lincoln, US President Barack Obama should discharge his economic commanders -- Treasury head Timothy Geithner, Fed chairman Ben Bernanke and SEC chief Mary Schapiro -- for not being up to the task, media moghul Steve Forbes has said.
India, China and other countries from the emerging markets are likely to grow at a high rate for sustained period of time as they have a long way to go to bring their people from agriculture into industry, US Treasury Secretary Timothy Geithner told US lawmakers.
Geithner said during their discussions this week, in Singapore and China, US President Barack Obama emphasised that the US and China must be at the centre of efforts to put the global economy on a more sustainable and balanced growth path.
The meeting, on the sidelines of the Annual Spring session of the International Monetary Fund and World Bank, will happen within a couple days of about a dozen US industry associations writing to the US Treasury Secretary to take up the controversial move by India to amend the Income Tax Act with retrospective effect.
The other recent reforms initiative of the government include the decision to raise FDI cap in insurance from 26 to 49 per cent and allowing foreign investment in pension.
The launch of the US-India Economic and Financial Partnership on Tuesday is significant because the two countries have traditionally been wary of opening up their markets and services to each other.
Observing that India and the US are at the threshold of unlocking the great potential of their bilateral economic relationship, Treasury Secretary Timothy Geithner on Monday urged New Delhi to accelerate next generation reform to spur the growth of the Indian economy.
US Treasury Secretary Timothy Geithner has said he would not rule out the option of forcing out chief executives of banks which have received taxpayers' money but are not performing well.
As the United States combats a slowdown and Europe confronts a period of slower growth, economies on the Pacific Rim will need to do more to stimulate demand at home, US Treasury Secretary Timothy Geithner said on Thursday.
India over the years has emerged as a role model for balanced economic growth for countries across the world, US Treasury Secretary Timothy Geithner said on Tuesday.
The $14.29 trillion borrowing limit underscores the need for Congress to put in place a fiscal straitjacket like the CAP Act.
Aiming to further expand the bilateral economic engagement, US Treasury Secretary Timothy Geithner would travel to New Delhi and Mumbai later this month for the third annual meet of the US-India Economic and Financial Partnership.
A day after the US dragged China to the World Trade Organisation, Treasury Secretary Timothy Geithner is slated to brief two key congressional committees later on Thursday on how the Obama administration plans to make Beijing provide a more-level playing field to American firms.
US Treasury Secretary Timothy Geithner on Wednesday identified India, China and Brazil as countries that will experience rapid growth in the coming decades, which he said would provide "consistent strength" to the American economy.
A group of influential Senators has asked the US Treasury Secretary Timothy Geithner to list China as a currency manipulator in his April 15 bi-annual exchange rate report to the Congress.
The US economy, which is hit by one of the worst crisis after the Great Depression, is coming back stronger and faster than predicted, the US Treasury Secretary, Timothy Geithner, has said.
Pranab said he had clarified this issue in no uncertain terms with US Treasury Secretary who had brought up this issue during bilateral talks.
The steps taken by the G-20 have helped the recovery of the global economy, said US Treasury Secretary Timothy Geithner.
Union Finance Minister Pranab Mukherjee arrived in Washington, DC on Monday to participate in the India-US economic partnership dialogue, during which he is expected to meet US Secretary of State Hillary Clinton.
The annual high-level strategic and economic dialogue between the United States and China began in Beijing on Thursday with Chinese President Hu Jintao calling for a "new type of relationship" between the two countries to break the traditional belief that big powers only have conflicts.
'Beijing is watching Obama's visit closely. While Chinese leaders have faced opposition from Japan and Vietnam, they view India's rise with caution.'
Finance Minister Pranab Mukherjee is leading a high-powered team of policymakers, including Commerce Minister Anand Sharma and Planning Commission Deputy Chairman Montek Singh Ahluwalia at the India-US CEOs Forum.
An understanding in this regard was reached during the economic dialogue being held between Chinese vice-premier Wang Qishan and US Secretary of Treasury Timothy Geithner.
India on Tuesday asked US investors to participate in its $600-billion infrastructure programme in the next five years, even as America sought greater financial cooperation for bringing about global economic stability.
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