Entries in Treasury Secretary (4)


Senate Confirms Jack Lew as Treasury Secretary 

Alex Wong/Getty Images(WASHINGTON) -- The Senate confirmed former White House Chief of Staff Jack Lew as secretary of the Treasury Wednesday by a vote of 71-26.

President Obama nominated Lew to replace former Treasury Secretary Timothy Geithner last month.  Deputy Treasury Secretary Neal Wolin served as acting secretary after Geithner left the post in late January.

“I am pleased that the Senate took bipartisan action today to confirm Jack Lew as our nation’s next Treasury Secretary,” said President Obama in a statement after the vote.  “At this critical time for our economy and our country, there is no one more qualified for this position than Jack.”

Lew, 57, has served as Obama’s chief of staff since January 2012.  He previously served as director of the Office of Management and Budget under two presidents — Obama, from 2010 until he became chief of staff, and Bill Clinton, from 1998 to 2001.  Lew also dabbled in the private sector, serving as the chief operating officer of the Alternative Investment Unit at Citigroup from 2006 to 2008.

Lew made news early in the nomination process when reporters took note of his unusual loopy signature, a version of which will now appear on U.S. currency.  President Obama even poked fun at him at the time.

“I had never noticed Jack’s signature, and when this was highlighted yesterday in the press, I considered rescinding my offer to appoint him,” Obama joked.

“Jack assures me that he is going to work to make at least one letter legible in order not to debase our currency.”

Wednesday’s confirmation was the second in as many days for the White House. Former Sen. Chuck Hagel was confirmed as secretary of defense on Tuesday.

Copyright 2013 ABC News Radio


Sen. Jeff Sessions: Jack Lew Must ‘Never’ Be Treasury Secretary

US Senate(WASHINGTON) -- Sen. Jeff Sessions, R-Ala., the ranking member on the Senate Budget Committee, declared Thursday that Jack Lew must “never” become secretary of the Treasury.

“To confirm Mr. Lew would be to acquiesce in a policy of dishonesty to the American people,” Sessions said.  "For me, no mea culpa, no excuse, can erase the errors of Mr. Lew.”

President Obama Thursday formally nominated Lew, the White House chief of staff, in the East Room of the White House, to replace outgoing Treasury Secretary Timothy Geithner.

Lew’s nomination now goes before the Senate for approval. Sessions became the first senator to vow to block Lew’s rise to Treasury secretary.

At issue, Sessions said, is what he called Lew’s “outrageous and false” testimony before the Senate Budget committee nearly two years ago. Sessions said the testimony should disqualify Lew from becoming Treasury secretary.

“To look the American people in the eye and make such a statement remains the most direct and important false assertion during my entire time in Washington,” Sessions said. “We need a secretary of Treasury that the American people, the Congress, and the world will know is up to the task of getting America on the path to prosperity, not the path to decline. Jack Lew is not that man.”

Obama Thursday called for the Senate to confirm Lew as quickly as possible.

“Jack has my complete trust,” Obama said. “In the words of one former senator, having Lew on your team is the equivalent, as a coach, of having the luxury of putting somebody in almost any position and knowing he will do well. And I could not agree more.”

Copyright 2013 ABC News Radio


Obama to Name Jack Lew for Treasury Secretary

Alex Wong/Getty Images(WASHINGTON) -- President Obama on Thursday will name his current chief of staff, Jack Lew, to serve as the nation’s next treasury secretary, replacing Timothy Geithner, the White House announced.

“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,” a White House official said.  “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.”

As chief of staff for the past year and budget director before that, Lew has been intimately involved in the negotiations with Congress on the debt ceiling, averting a government shutdown and the fiscal cliff.  It may be experience that will come in handy as he heads into several months of tough fiscal negotiations with congressional Republicans.

Officials familiar with the selection process said Lew was the only person under serious consideration to replace Geithner as treasury secretary.

A key factor in the president’s decision was Lew’s ability to get right to work on the first crises likely to face the next treasury secretary: the upcoming showdown with Congress over the debt ceiling, which will need to be raised in a matter of weeks, and automatic spending cuts set to take effect on March 2.

Lew’s experience as Bill Clinton’s budget director, when he helped craft a bi-partisan budget agreement that led to three years of budget surpluses, was also critical.

Lew also has private sector experience.  Before joining the Obama administration in 2009 as deputy secretary of state, he served as the chief operating officer of Citigroup’s Global Wealth Management and Alternative Investments divisions.

Obama will make the announcement in the East Room of the White House on Thursday at 1:30 p.m. ET, with Lew and Geithner at his side.

Copyright 2013 ABC News Radio


Geithner ‘Pretty Confident’ He’ll Leave Obama Administration

Official White House Photo by Pete Souza(CHARLOTTE, N.C.) -- Treasury Secretary Timothy Geithner -- the sole remaining member of President Obama’s original economic team -- said Wednesday he expected to leave the administration if Obama wins a second term.

“He’s not going to ask me to stay on, I’m pretty confident,” Geithner, 50, said in an interview with Bloomberg TV in Charlotte, N.C.

“I’m confident he’ll be president. But I’m also confident he’s going to have the privilege of having another secretary of the Treasury.”

Geithner had been thinking about leaving his Treasury post ever since the bruising debt ceiling debate last summer, sources told ABC News, but ultimately chose to remain by Obama’s side through the end of the year.

Geithner’s departure would mark the final step in the changing of the administration’s economic guard, following the exits of National Economic Council Director Larry Summers, Council of Economic Advisers Chairwoman Christina Romer and Office of Management and Budget Director Peter Orsazg.

When asked what he might do next, Geithner simply told Bloomberg “something else.”

The secretary will attend the World Economic Forum in Davos, Switzerland, this weekend, where the focus will be on keeping the euro zone afloat and staving off a global recession.

Copyright 2012 ABC News Radio

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