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 Council.)
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 global response.
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 the job.
Mr. Obama credited Summers with navigating through several major international crises, and of crafting policy that led to the longest economic expansion in U.S. history.