Rubin Won't Take Treasury Post

Decision paves the way for another former Secretary, Lawrence Summers
By Harry Kimball,  Newser Staff
Posted Nov 6, 2008 2:50 PM CST
Former Treasury Secretary Robert E. Rubin.   (AP Photo)
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(Newser) – Former Treasury Secretary Robert Rubin, a top economic adviser to Barack Obama during the campaign, will not reprise that Cabinet role in the new administration, Bloomberg reports. “I've spoken with him and told him I'm not interested in going back into government,” Rubin said today. His denial boosts the chances of another former Treasury chief, former Harvard president Larry Summers.

New York Fed chief Timothy Geithner and former Federal Reserve chairman Paul Volcker are also in the running, as is New Jersey Governor Jon Corzine, who might take the job but doesn’t think it will be offered. Summers is rumored to be the front-runner, according to campaign insiders. In the uncertain economic future, all possible candidates could take on special projects.