Obama To Name Jack Lew As New Treasury Secretary
President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.
Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.
Geithner, 51, the only remaining member of Obama’s original economic team, has told White House officials he doesn’t’ want to serve in a second term and intends to leave the job by the end of the month.
Lew’s nomination as Treasury secretary is subject to confirmation by the Senate.
The next Treasury secretary will play a leading role in working with Congress to raise the government’s $16.4 trillion debt ceiling. The U.S. reached the statutory limit on Dec. 31, and the Treasury Department began using extraordinary measures to finance the government. It will exhaust that avenue as early as mid-February, the Congressional Budget Office says.
Lew’s name has been at the top of the list to replace Geithner for months now, so this is no surprise.