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
A senior aide, David Axelrod, said Sunday the next
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