Treasury chief Geithner sworn in

Timothy Geithner has been sworn in as US Treasury Secretary within hours of the Senate approving his nomination.

The confirmation by 60 votes to 34 was delayed due to concerns Mr Geithner had failed to pay previous taxes on time.

President Obama's nominee will have one of the toughest jobs in the new administration, as the US tries to get its economy back in shape.

After he was sworn in by Vice President Joe Biden, Mr Geithner vowed to move quickly to aid the distressed economy.

"We are at a moment of maximum challenge for our economy and our country," he said.

"Our agenda is to move quickly to help you do what the country asked you to do," he told Mr Obama, who was standing at his side.

China warning

Mr Obama has described Mr Geithner as the most qualified person to oversee his plans to revive the struggling US economy.

At the Washington swearing-in ceremony, the president said he had full confidence in his new Treasury secretary to help bring the US out of its economic malaise.

"At this moment of challenge and crisis, Tim's work and the work of the entire Treasury department must begin at once," said Mr Obama.

"We cannot lose a day because every day the economic picture is darkening - here and across the globe… It will take a secretary of the Treasury who understands this challenge and all its complexities to help lead us forward."

Mr Geithner was formerly head of the New York Federal Reserve Bank, and worked as a Treasury undersecretary during the Clinton administration.

He was considered by many to be an ideal candidate for the job because he has already been deeply involved in government efforts to prop up financial institutions and markets.

Strong dollar

On Thursday, a panel cleared the way for Mr Geithner's full nomination despite concern he failed to pay his taxes on time some years ago.