Mr Rattner resigned following growing concerns that he may have been involved in an investment scandal.
Although details remain scarce, Mr Rattner recently became the target of an investigation involving a state pension fund that provides benefits to more than 1 million government employees.Additionally, it was revealed in May this year that Mr Rattner was an investor in Cerberus Capital Management, the former – and then-owner – of Chrysler.
Despite all this Treasury Secretary Timothy Geithner said of Mr Rattners resignation: “We are extremely grateful to Steve for his efforts in helping strengthen GM and Chrysler, recapitalise GMAC and support the American auto industry.
"I hope that he takes another opportunity to bring his unique skills to government service in the future.”
Ron Bloom, a former steelworker official, will take over Mr Rattner’s post.