KEYWORDS TODAY:   UkraineEuropean Elections

Obama Nominates Jack Lew for Treasury Secretary

World | January 11, 2013, Friday // 11:34| Views: 803 | Comments: 0
  • Send to Kindle
Bulgaria: Obama Nominates Jack Lew for Treasury Secretary US President Obama has nominated Jacob "Jack" Lew to be his new Treasury Secretary. Photo by the White House

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.

World » Be a reporter: Write and send your article
Tags: Obama, president, US, Jacob "Jack" Lew, Treasury Secretary
Expats.bg All Are Welcome! Join Now!

Leave a comment


Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria