Obama to formally announce Treasury pick on Monday

U.S. President-elect Barack Obama will formally announce Timothy Geithner as his choice for treasury secretary on Monday, Obama's aides said Saturday.

 

He will also name former Treasury Secretary Lawrence Summers as director of the White House National Economic Council, U.S. media quoted the aides as saying.

 

Obama is scheduled to hold a press conference in Chicago on Monday morning to make the announcement. Both Geithner and Summerswill be present.

Obama to formally announce Treasury pick on Monday

Geithner, 47, is currently president of the Federal Reserve Bank of New York.

 

Born in New York, he attended Dartmouth College and Johns Hopkins University's School of Advanced International Studies.

 

He has studied Japanese and Chinese and has lived in Zimbabwe, India, Thailand, Japan and China.

 

After completing his studies, Geithner worked for Kissinger and Associates in Washington and then joined the Treasury Department in 1988.

 

He was Undersecretary of the Treasury for International Affairsfrom 1998 to 2001.

 

In October 2003, he was named president of the Federal Reserve Bank of New York.

 

Geithner has rich experience both in Washington and on Wall Street. He was also closely involved in the U.S. government's response to the financial turmoil.

 

The news of Geithner's possible nomination as the new treasury secretary was well received by investors, who hope he will restoremarket confidence.

 

Summers, 53, was treasury secretary under former president Bill Clinton.



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