To fix the ailing economy, Barack Obama has turned to two men who helped break it. On Monday, the president-elect announced Timothy Geithner as his choice for treasury secretary, and Giethner’s former mentor in the Clinton Treasury Department, Lawrence Summers, as his pick to head the White House Economic Council.
Summers was Bill Clinton’s treasury secretary when that president signed off on the massive deregulation at the heart of the current crisis. Geithner was his deputy at the time.
Obama also named Christina D. Romer and Melody Barnes to lead his Council of Economic Advisers and White House Domestic Policy Council, respectively.
The president-elect will fill out the rest of his team during a briefing on Tuesday.
Today, Vice President-elect Biden and I are pleased to announce the nomination of four individuals who meet these criteria to lead our economic team: Timothy Geithner as Secretary of the Treasury; Lawrence Summers as the Director of our National Economic Council; Christina Romer as Chair of the Council of Economic Advisors; and Melody Barnes as Director of the Domestic Policy Council.
Having served in senior roles at Treasury, the IMF and the New York Fed, Tim Geithner offers not just extensive experience shaping economic policy and managing financial markets, but an unparalleled understanding of our current economic crisis, in all of its depth, complexity and urgency. Tim will waste no time getting up to speed. He will start his first day on the job with a unique insight into the failures of today’s markets—and a clear vision of the steps we must take to revive them.