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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 US TV networks that Mr Geithner, currently head of the Federal Reserve Bank of New York, was the "right man" for the job.
Reports of Mr Geithner's appointment first came on Friday, boosting New York shares by 6.5% after days of losses. Unconfirmed reports naming Mr Geithner 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 the economy needed to create 2.5m jobs by 2011.
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. In a weekly address, he said he wanted to rebuild America's ageing infrastructure, including roads and bridges, as well as develop sources of renewable energy.
Experience stressed
The president-elect's new economic team will be charged with revitalising the US economy, which is faltering badly amid the global downturn.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. KEY APPOINTMENTS Chief of staff: Rahm Emanuel, a deputy chief of staff to Bill ClintonSenior advisers: David Axelrod, Valerie Jarrett, Peter Rouse and John Podesta (formerly chief of staff to Bill Clinton)Press secretary: Robert GibbsWhite House counsel: Greg Craig, formerly special counsel to Bill ClintonVice-president's chief of staff: Ron Klain, formerly chief of staff to Al GoreStaff secretary: Lisa Brown, formerly counsel to Al Gore class="" href="/1/hi/world/americas/us_elections_2008/7716467.stm">Obama's team so far 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.The pair worked together closely at the Treasury during the 1990s, with reports suggesting they have a strong working relationship.
Speaking on Sunday talk shows, Mr Axelrod, the chief campaign strategist who is taking up a role as a senior advisor to the incoming president, praised Mr Geithner's experience and ability.
"Tim Geithner is someone who had experience in dealing with economic crises as the assistant secretary of treasury for international affairs in the '90s," he said.
"He's intimately involved with the situation now in his role as president of New York Fed [Federal Reserve].
"By temperament and experience, he's the right man to lead the Treasury now," Mr Axelrod added.