Geithner likely to be Treasury Secretary
Posted: Friday, November 21, 2008 2:59 PM by Domenico Montanaro
From Chuck Todd and Andrea Mitchell
NBC News has learned that the president-elect is preparing to roll out his economic team on Monday -- and will personally announce the team and answer questions -- part of an effort to reassure markets.
Video: NBC News has confirmed that President-elect Barack Obama will announce his economic team on Monday, tagging New York Federal Reserve President Tim Geithner for treasury secretary. NBC's Chuck Todd and Andrea Mitchell report.
Barring last minute changes, the nominee for Treasury Secretary will be NY Fed President
Tim Geithner -- a career Treasury official under both Bob Rubin and Larry Summers -- who actually had worked at the Treasury in three administrations under five Secretaries -- going back to 1988.
Geithner has been a key player in the current economic crisis -- helping Treasury Secretary
Hank Paulson and his team manage the wall street bailout.
Former Treasury Secretary Summers -- also considered for the post -- might still play a major future role in the Obama administration, according to sources. Summers came under fire from women's groups because of controversial comments he made about gender issues while President of Harvard, but sources say the decision to choose Geithner had more to do with Obama's interest in "change" and getting someone new on the team.
Also expected Monday -- an announcement that former U.N. Ambassador and Energy Secretary in the Clinton administration, New Mexico Governor Bill Richardson, will be Commerce Secretary.
Paul Volcker is expected to play a continuing advisory role -- not clear if he would have an appointed position.
Other economic appointments for the White house staff will likely include Dan Tarullo, a top Obama advisor, possibly as head of the National Economic Council.
Other economic posts -- perhaps at the Council of Economic advisors in the White House -- could be filled by Obama economic advisors Austan Goolsbee and Jason Furman.
*** UPDATE *** Msnbc.com's Al Olson reports that immediately after NBC News' report on Tim Geithner likely to be named Treasury Secretary, stocks rebounded sharply. The Dow Jones Industrial Average was trading in negative territory -- down about 38 points -- before the news. Moments after, the Dow zoomed more than 300 points.
