News Column

Obama to Choose Lew as Geithner's Successor at Treasury

January 9, 2013
Jack Lew

US President Barack Obama plans to name Jack Lew, his current chief of staff, as his choice to replace Timothy Geithner as treasury secretary, reports said Wednesday.

Obama will formally nominate Lew on Thursday, Bloomberg reported, citing an unidentified person it said was familiar with the selection


Lew, 57, has been most often mentioned as the successor to Geithner, who said last week he will hold firm to his plans to step down by the end of the month. Lew has served twice as director of the Office of Management and Budget.

The next secretary of the treasury will play a leading role in working with Congress on a number of budgetary matters beginning with the debt ceiling. US debt reached 16.4 trillion dollars on December 31, triggering extraordinary measures to finance the government. The debt ceiling problem must be resolved by mid-February, the Congressional Budget Office has said.

The White House and Republican-controlled House of Representatives also will negotiate the difficult issue of spending cuts over the next few months.

Lew has spent most of his career in government. In a short stint in the private sector he worked as a managing director for Citigroup, from July 2006 until joining the Obama administration.

Obama has been busy arranging his cabinet for his second term, which is due to begin when he is inaugurated on January 20.

On Monday he nominated Vietnam veteran and former senator Chuck Hagel to be his defence secretary, and his adviser on counterterrorism John Brennan to head the Central Intelligence Agency. Obama had previously nominated Senator John Kerry for secretary of state.

All nominations must be confirmed by the Senate.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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