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| Jack Lew named Treasury secretary by US Senate | Jack Lew named Treasury secretary by US Senate |
| (4 months later) | |
| The US Senate has confirmed Jack Lew as Treasury secretary, affirming Barack Obama's choice of a budget expert at a time when Congress and the White House are at odds over sharp government spending cuts. | The US Senate has confirmed Jack Lew as Treasury secretary, affirming Barack Obama's choice of a budget expert at a time when Congress and the White House are at odds over sharp government spending cuts. |
| The Senate voted 71-26 to support the nomination. | The Senate voted 71-26 to support the nomination. |
| Lew, 57, had most recently served as Obama's chief of staff. He succeeds Timothy Geithner, who completed a tumultuous four-year term in which he helped lead the administration's response to the financial crisis and recession. | Lew, 57, had most recently served as Obama's chief of staff. He succeeds Timothy Geithner, who completed a tumultuous four-year term in which he helped lead the administration's response to the financial crisis and recession. |
| Lew takes over just before automatic spending cuts are set to take effect. He is likely to take part in any negotiations to reverse the cuts and in key budget talks next month to continue funding the government. | Lew takes over just before automatic spending cuts are set to take effect. He is likely to take part in any negotiations to reverse the cuts and in key budget talks next month to continue funding the government. |
| Lew began his government service in the 1980s as an aide to house speaker Tip O'Neill. He has also served two stints as White House budget director. | Lew began his government service in the 1980s as an aide to house speaker Tip O'Neill. He has also served two stints as White House budget director. |
| "Mr Lew is well-qualified to be the nation's next Treasury secretary," said finance committee chairman Max Baucus, a Democrat. "He has demonstrated time and again that he has the knowledge and expertise [to deal with the country's budget problems]." | "Mr Lew is well-qualified to be the nation's next Treasury secretary," said finance committee chairman Max Baucus, a Democrat. "He has demonstrated time and again that he has the knowledge and expertise [to deal with the country's budget problems]." |
| But Republican senator Jeff Sessions, who opposed the nomination, said Lew was the architect of the Obama administration's budget. Sessions said that the budget did not reduce the deficit enough. | But Republican senator Jeff Sessions, who opposed the nomination, said Lew was the architect of the Obama administration's budget. Sessions said that the budget did not reduce the deficit enough. |
| During his confirmation hearing, Lew signalled no major economic policy changes. He advocated a balanced approach to reducing the long-term budget deficit through spending cuts and additional tax revenue. | During his confirmation hearing, Lew signalled no major economic policy changes. He advocated a balanced approach to reducing the long-term budget deficit through spending cuts and additional tax revenue. |
| He said he would be open to reforms to Medicare, but did not spell out any details, and said he would work with the committee on a rewrite of the tax code. | He said he would be open to reforms to Medicare, but did not spell out any details, and said he would work with the committee on a rewrite of the tax code. |
| Beyond the budget, Lew is expected to stick closely to the positions Geithner struck on Europe's debt crisis, the US relationship with China and the administration's defence of the Dodd-Frank financial overhaul law that the banking industry has fought to weaken. | Beyond the budget, Lew is expected to stick closely to the positions Geithner struck on Europe's debt crisis, the US relationship with China and the administration's defence of the Dodd-Frank financial overhaul law that the banking industry has fought to weaken. |
| Some Republicans voted against Lew because they were not satisfied with his answers about his previous employment with Citigroup, including a brief time when he was chief operating officer for an investment unit in 2008. The unit has been criticised for making risky investments that imploded during the financial crisis, and Lew received a bonus of nearly $1m in early 2009, a time when Citi was being bailed out by taxpayers. | Some Republicans voted against Lew because they were not satisfied with his answers about his previous employment with Citigroup, including a brief time when he was chief operating officer for an investment unit in 2008. The unit has been criticised for making risky investments that imploded during the financial crisis, and Lew received a bonus of nearly $1m in early 2009, a time when Citi was being bailed out by taxpayers. |
| Lew told the panel that he did not make decisions about the investments being offered to clients. He said his bonus reflected compensation for his work. | Lew told the panel that he did not make decisions about the investments being offered to clients. He said his bonus reflected compensation for his work. |
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