President Obama announced the nomination of his White House chief of staff, Jacob "Jack" Lew, for Treasury Secretary on Thursday, CNN reported.

At a press conference on Thursday, Obama offered extensive praise for Geithner -- whom he said history would recognize as "as one of our finest secretaries of the Treasury" -- and a ringing endorsement of Lew.

"I cannot think of a better person to continue Tim's work at Treasury than Jack Lew," Obama said. "I trust his judgment, I value his friendship, I know very few people with greater integrity."

Lew, 57, had been the leading candidate for months, and if confirmed, would be the second Treasury Secretary during the Obama administration. He has overseen budget talks in times of surplus and deficits as a former budget director for Presidents Obama and Clinton.

He was also a key player in the 2011 debt ceiling talks, where he earned some criticism from Republicans for his uncompromising attention to detail.

Some Republicans and people working on Wall Street have also been concerned about Lew's lack of business and financial markets experience, CNN pointed out.

Geithner, the last holdover from President Obama's original economic team, is ready to move back to New York, where his family currently lives.

The secretary of the Treasury runs U.S. domestic financial policy and is charged with collecting federal taxes and managing public debt, among other duties.

Timing for the Treasury appointment is especially critical because Lew is expected to play an important role in upcoming debates.

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