Lew to be nominated as US Treasury Secretary

President Barack Obama, in an effort to rejuvenate the battered US economy, will nominate his Chief-of-Staff and budget specialist Jack Lew as the next Treasury Secretary.

The 57-year-old, if confirmed by the Senate, will replace Timothy Geithner, who has announced his decision to quit the Obama Cabinet by January end, White House official familiar with the process said.

“Jack Lew will bring an impressive record of service in both the public and private sectors for over three decades and economic expertise to this important role, and his deep knowledge of domestic and international economic issues will enable him to take on the challenges facing our economy at home and abroad on day one,” said the official, explaining the reasons behind Lew’s selection.

Lew will be nominated tonight, the official said.
“Throughout his career, Jack Lew has proven a successful and effective advocate for middle class families who can build bipartisan consensus to implement proven economic policies,” the official said.

“As White House Chief of Staff, Jack Lew led the President’s team in tackling some of the toughest domestic and international economic challenges facing our nation in decades,” the official said, adding that included strengthening nation’s recovery from the worst economic crisis since the Great Depression to dealing with serious fiscal matters and challenges in the global economy. He also led the Office of Management and Budget under Clinton and Obama.