U.S. President-elect Barack Obama has introduced the new
team that will tackle a major economic crisis.
Mr. Obama nominated New York Federal Reserve President Timothy Geithner to lead
the Treasury Department. Former Treasury Secretary Lawrence Summers is to head
the policy-making National Economic Council.
(Mr. Obama also nominated Christina Romer as chair of the Council of
Economic Advisors, and Melody Barnes as director of the Domestic Policy
The president-elect said he is drawing his team from the "best minds in
America." He said the U.S. economic crisis is now a global crisis, and
that the team will need to reach out to countries around the world to craft a
Geithner has been deeply involved in the Bush administration's effort to rescue
battered U.S. financial markets. Mr. Obama said Geithner is uniquely suited for
Mr. Obama credited Summers with navigating through several major international
crises, and of crafting policy that led to the longest economic expansion in