WASHINGTON--President Barack Obama taps White House Chief of Staff Jack Lew as Treasury Secretary on Thursday with the announcement planned for 1:30 p.m. ET in the East Room. Lew will replace Treasury Secretary Tim Geithner, who has been anxious to step down.
Lew was Obama's third chief of staff, following Rahm Emanuel and Bill Daley.
Emanuel, who has worked closely with Lew told the Sun-Times, "Jack Lew is the right choice for Treasury Secretary. Whether negotiating a bipartisan solution to reform Social Security as liaison to House Speaker Tip O'Neill, producing a budget with a surplus for three consecutive years in the Clinton Administration, or helping President Obama reach agreements to reduce our deficit and extend middle class tax cuts, Jack has the experience and judgment to lead the Treasury during this critical time for our nation's economy."
In anticipation of the appointment a White House official said in a statement:
"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. 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 White House Chief of Staff, Jack Lew led the President's team in tackling some of the toughest domestic and international economic challenges facing our nation in decades. That included strengthening our nation's recovery from the worst economic crisis since the Great Depression to dealing with serious fiscal matters and challenges in the global economy. He also led the Office of Management and Budget under President Clinton and President Obama, negotiating a historic agreement with Congress during the Clinton administration to balance the federal budget and leading the negotiations of the bipartisan Budget Control Act in 2011, which brought discretionary spending to historically low levels."
"As Deputy Secretary of State for Management and Resources, in addition to managing the day-to-day operations of the Department, Jack Lew managed the State Department's international economic policy portfolio and traveled the world to advance our nation's interest. He also has a distinguished record leading private and public sector institutions and will bring strong relationships in the business community to his new role. At Citi, he was part of the senior internal management team of this global financial institution, serving as Managing Director and COO of Citi Global Wealth Management and then as Managing Director and COO of Citi Alternative Investments. As Chief Operating Officer at New York University, he was responsible for budget, finance, and operations, and was a professor of public administration."