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It's annoying.
I've tried it already, as well as running Steam as an administrator and it still persists.
From what I can see these steps:
1. Go to "RUN" type regedt32
2. Go to HKEY_CURRENT_USER->Software
3. Now Delete the Folder named "Valve".
4. Run steam.
5. Steam will now update and games will run.
Fix the issue. I imagine because it removes the hash of the saved password forcing you to put in a new one when you restart Steam.
http://forums.steampowered.com/forums/showthread.php?t=2264234