Is Timothy Geithner leaving his position as US treasury secretary as the media reported today or were the rumors spread too early? If so, when will he resign from his post and what will the ramifications be?

Just this afternoon, the US media at large—including  Bloomberg, The Wall Street Journal, and The New York Times--was speculating that the treasury secretary wouldn’t remain in office through the summer. The rumors started flying after two administration officials said that Geithner would have “a window of opportunity” to leave his office between now and 2012 for personal reasons. Bloomberg was the first news outlet to report the possibility of Geithner’s departure.

In what seems to be an attempt to quell the rumors and gossip, Geithner said later today at a press conference which was organized by President Clinton that he would remain in his position in the Obama administration “for the forseeable future” because of an apparent passion for his position. That might not be the only reason for Geithner wanting to quell the rumors. As the NYT points out, several senior Obama advisors have left their positions, but if Geithner were to leave his position it might leave a bigger hole because of his role in re-shaping the economy since he took office. In addition, finding a replacement for Geithner and getting his replacement confirmed by the Senate might take more time than the Obama administration would like it to. Because Obama is facing re-election, any senate confirmations are expected to be extremely contentious.

According to Obama officials, Geithner has yet to make his official decision about when and if he is leaving his position as US treasury secretary. Some believe that the Geithner’s political power as treasury secretary is at its height and that he may have more influence back on Wall Street than on Capitol Hill. He has already stated that his son will be attending school in New York and that he himself will be commuting back and forth between New York and Washington, DC.

It will be interesting to see when and if Geithner decides to leave office; in addition, if Geithner does resign as treasury secretary, it will be interesting to see who the administration puts forth as its nominee for the position. As the NYT reports, possible candidates to replace Geithner are Erskine Bowles, Roger Altman, Janet Yellen, and Gene Sperling, the latter of whom served under Geithner in Obama’s adminstration.