The Senate Finance Committee confirmed the nomination of Timothy Geithner, 47, as President Barack Obama's Secretary of the Treasury.

He was approved by a vote of 60-34.

The Senate Finance Committee on Thursday Geithner but his confirmation today was delayed because Geithner failed to pay some of his federal taxes in 2001 as Republicans delved deeper into his personal finances.

Secretary-designate Geithner ... admitted that he'd made honest mistakes that could and should have been avoided, White House spokesman Robert Gibbs said.

Obama believes Geithner has made amends -he has paid the taxes and penalties - and possesses the talent the U.S. needs, his spokesman said.

According to reports, Geithner is being tasked with directing the U.S. economic recovery from the worst financial crisis in three generations. The work could define the first two years of Obama's term.