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Obama nominates Chief of Staff Jack Lew to replace Geithner as Treasury secretary

Jack Lew

Jack Lew

President Obama nominated White House Chief of Staff Jack Lew on Thursday to replace outgoing Treasury Secretary Timothy Geithner.

Obama reminisced about his nomination of Geithner, praising him for his actions during the recent financial crisis, U.S. New & World Report reports.

“We were barely two months into the financial crisis, the stock market had cratered, the housing market had cratered as well, bank after bank was on the verge of collapse; worst of all, more than 800,000 Americans would lose their jobs in just that month and the bottom was not yet in sight,” Obama said, according to U.S. New & World Report. “When the history books are written, Tim Geithner is going to go down as one of our finest secretaries of the treasury.”

Obama also pointed to Lew’s experience as a congressional staffer where he helped negotiate bipartisan Social Security reform, as well as his role in the Clinton administration’s budget.princess castle model: e1-163

“Under President Clinton he presided over three budget surpluses in a row,” Obama said, U.S. New & World Report reports. “So for all the talk out there about deficit reduction and making sure our books are balanced, this is the guy who did it three times.”

Lew has been confirmed by the Senate five times during his political career and is expected to be confirmed again. Sen. Orrin Hatch (R-Utah), the lead Republican on the Senate Finance Committee, which will oversee Lew’s nomination, said that he expects Lew to lay out a deficit-reduction plan when he testifies before the panel.

“Since Mr. Lew participated in numerous budget negotiations with Congress and with four consecutive years of over $1 trillion deficits, the American people deserve to know not only that this nominee is qualified for the job but also what policies the White House supports to get federal spending under control,” Hatch said, according to U.S. New & World Report.

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