President Obama announced Thursday that his choice for treasury secretary to replace Timothy Geithner is White House Chief of Staff Jack Lew. The announcement came shortly after a White House official leaked the news of Lew's nomination.
“Jack Lew will bring an impressive record of service in both the public and private sectors for over three decades and economic expertise to this important role, and his deep knowledge of domestic and international economic issues will enable him to take on the challenges facing our economy at home and abroad on day one,” said the White House official, who spoke on the condition of anonymity.
“Throughout his career, Jack Lew has proven a successful and effective advocate for middle class families who can build bipartisan consensus to implement proven economic policies,” the official continued.
As noted by the Wall Street Journal, President Obama’s nomination of Lew indicates that he is “prepared to aggressively pursue his economic-policy goals in his second term,” since Lew has been a vocal advocate of raising tax revenue for deficit reduction.
According to the Washington Times, Lew has “close ties to Wall Street, receiving more than $900,000 in bonus cash from a division of Citigroup just as the company was getting bailed out by U.S. taxpayers.”
Lew served as managing director and chief operating officer of Citi Global Wealth Management as well as Citi Alternative Investments.
Before becoming President Obama’s chief of staff, he was the director of the Office of Management and Budget. He is also a member of the world-government-promoting Council on Foreign Relations.
Lew’s nomination will face some heavy opposition from the GOP.
Senator Jeff Sessions, a top Republican on the Senate Budget Committee, has vowed to oppose Lew’s nomination because of a false statement Lew had made about the national debt two years ago during a Senate hearing. At the hearing, Lew defended statements made by both himself and Obama that claimed their budget blueprint would eventually take the county to a point where “we’re not adding to the debt anymore.”
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Photo of President Obama with Jack Lew: AP Images