President-elect Barack Obama plans to announce his economic team on Monday as part of an effort to reassure markets and will name New York Fed President Tim Geithner his nominee for Treasury Secretary, NBC News has learned.
Geithner was a U.S. Treasury Department official under both Bob Rubin and Larry Summers and has been with Treasury since 1988. Geithner's nomination is anticipated barring last-minute changes, NBC reported.
Geithner has helped current Treasury Secretary Hank Paulson and his team manage the ongoing Wall Street bailout.
Obama also is expected to tap New Mexico Gov. Bill Richardson as U.S. secretary of commerce, NBC News said on Friday.
Richardson, a former United Nations ambassador and energy secretary during President Bill Clinton's administration, had been an early supporter of Obama after dropping his own presidential ambitions.
Private sector economists generally applauded Geithner's nomination, saying he had performed well during the financial crisis, but some questioned his overall experience.
"I would say the market is going to like it," said James Awad, managing director of Zephyr Capital. "[Former Clinton Treasury Secretary Larry] Summers was more controversial. People will view it as a safe choice, an experienced guy.
http://www.cnbc.com/id/27844707
