NY Federal Reserve president tapped for national role

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President-elect Barack Obama tapped Timothy Geithner, president of the New York Federal Reserve, to serve as the country's next treasury secretary on Friday.Geithner, a Larchmont resident, lives in a three-story home on Maple Hill Drive where police stood watch on Saturday after news of the pending appointment sent a buzz through the affluent community.Neighbors say they are excited for him, but are wary about what kind of solutions he might come up with to aid the ailing economy. News of his appointment on Friday sent the Dow Jones up 500 points. He has already assumed a big role in the government's response to the financial crisis.Geithner still faces confirmation by the Senate. President-elect Obama is expected to formally announce his appointment on Monday after completing a background check.

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