Jack Lew Secretary of Treasury Nomination: White House Chief of Staff is the Likely Candidate

President Barack Obama will likely nominate White House Chief of Staff Jack Lew to replace Timothy F. Geithner as the new Secretary of Treasury, reported Bloomberg

The announcement could come as soon as this week, as the president's staff has been instructed to prepare for the nomination — even though Obama hasn't made a final decision yet. 

If true, Lew's nomination for Treasury would shake things up in the Obama administration as the president would have to also find a new White House chief of staff for his second term in office. The president would also have to fill other cabinet and cabinet-rank positions — including commerce secretary, Environmental Protection Agency administrator and U.S. trade representative and director of the Office of Management and Budget.

According to Bloomberg, if confirmed, Secretary of Treasury Lew "will play a leading role" in working with Congress to raise the government's $16.4 trillion debt ceiling, as Secretary Geithner plans to leave the administration by the end of January (even if the debt ceiling issue has been settled or not).

Read on Bloomberg.