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Obama 'to unveil Treasury chief' Obama 'to unveil Treasury chief'
(20 minutes later)
US President-elect Barack Obama will name Timothy Geithner as his choice for the key role of treasury secretary on Monday, a senior advisor says.US President-elect Barack Obama will name Timothy Geithner as his choice for the key role of treasury secretary on Monday, a senior advisor says.
Senior strategist David Axelrod told Fox News TV that Mr Geithner, currently head of the Federal Reserve Bank of New York, had "the right temperament".Senior strategist David Axelrod told Fox News TV that Mr Geithner, currently head of the Federal Reserve Bank of New York, had "the right temperament".
News of Mr Geithner's appointment first emerged on Friday, boosting New York shares by 6.5% after days of losses. Reports of Mr Geithner's appointment first came on Friday, boosting New York shares by 6.5% after days of losses.
On Saturday Mr Obama said he hoped to create 2.5m jobs by 2011.On Saturday Mr Obama said he hoped to create 2.5m jobs by 2011.
The president-elect's new economic team will be charged with revitalising the US economy, which is stuttering badly amid the global downturn. In a weekly address, he said he wanted to rebuild America's "crumbling" infrastructure, including roads and bridges, as well as develop sources of renewable energy.
The president-elect's new economic team will be charged with revitalising the US economy, which is faltering badly amid the global downturn.
Mr Geithner, 47, is expected to work with Lawrence Summers, a former treasury secretary in the Bill Clinton White House who has also served as president of Harvard University.Mr Geithner, 47, is expected to work with Lawrence Summers, a former treasury secretary in the Bill Clinton White House who has also served as president of Harvard University.
Mr Summers is likely to be named as head of the president's National Economic Council, reports have said.Mr Summers is likely to be named as head of the president's National Economic Council, reports have said.
The pair worked together closely at the Treasury during the 1990s, with reports suggesting they have a strong working relationship.