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Obama to Announce Key Economic Team Members

  • VOA News

US President-elect Barack Obama is preparing to announce key members of his economic team amid the global economic turmoil.

Mr. Obama will hold a news conference lateron Monday in the midwestern U.S. city of Chicago where he is expected to name Timothy Geithner, the current president of the New York Federal Reserve, as treasury secretary. Lawrence Summers, who was treasury secretary under President Bill Clinton, is expected to be named director of the National Economic Council.

A senior aide, David Axelrod, said Sunday the next administration is committed to getting an economic recovery package implemented as soon as possible after Mr. Obama takes office on January 20th.

Geithner was a Treasury official during the Clinton administration. Geithner is one of the top central bank officials who set U.S. interest rate policy and made other decisions aimed at keeping inflation and unemployment in check. Summers, as director of the National Economic Council, will advise Mr. Obama in the White House. He is a former Harvard University president and has served as the chief economist of the World Bank.

Separately, U.S. House Speaker Nancy Pelosi said Sunday (on CBS's "Face the Nation") Congress could put together a recovery package worth several hundred billion dollars. In his Democratic address Saturday, Mr. Obama said his plan would involve rebuilding roads and bridges, modernizing schools, and developing alternative energy sources. The president-elect also said he hoped to create or save two-and-a-half million jobs by January of 2011.

Meanwhile, New Mexico Governor Bill Richardson has been named in news accounts as Mr. Obama's choice for commerce secretary. Richardson ran for the Democratic presidential nomination, before dropping out of the race earlier this year and endorsing Mr. Obama. He also was energy secretary and United Nations ambassador in the Clinton administration.

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