President Obama will announce the nomination of White House Chief of Staff Jack Lew as treasury secretary today at 1:30 PM EST.
“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 White House. “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.”
Outbound Treasury Secretary Tim Geithner will be in attendance at the announcement.
Lew is Obama’s current chief of staff and has served in numerous government positions in the past, including directing the Office of Management and Budget and working as a senior advisor for former Speaker of the House Tom “Tip” O’Neill (D-Mass.) and President Reagan (R-Calif.).
Lew is a controversial choice. CNN reports that top Wall Street officials have said “appointing a person unknown to Wall Street would rattle markets” and have griped about his liberal leanings. However, the White House does not expect a difficult confirmation process, despite some Congressional opposition.
From his White House bio:
Before returning to OMB in 2010, Lew was the first Deputy Secretary of State for Management and Resources ... Before joining the State Department, Lew served as managing director and chief operating officer of Citi Global Wealth Management and then Citi Alternative Investments (CAI). Prior to that, he was executive vice president and chief operating officer of New York University, ... as well as a professor of public administration. From 2004 through 2008, Lew served on the Corporation for National and Community Service Board.
Lew began his career in Washington in 1973 as a legislative aide. From 1979 to 1987, he was a principal domestic policy advisor to House Speaker Thomas P. O'Neill Jr. [and] was the Speaker's liaison to the Greenspan Commission, which negotiated a bipartisan solution to reform Social Security in 1983 ... Lew co-chaired the Advisory Board for City Year New York and was on the boards of the Kaiser Family Foundation, the Center on Budget and Policy Priorities, the Brookings Institution Hamilton Project, and the Tobin Project.
Other choices Obama has made for his second-term advisory staff:
- Massachusetts Senator John Kerry for Secretary of State
- Former Senator Chuck Hagel for Secretary of Defense
- Counter-terrorism counsel John Brennan for CIA Director
We'll have a live feed up when the White House prepares it. In the meantime, check back for updates.