Obama to Name Geithner, Summers to Economic Posts

In this May 4, 2007 file photo Timothy Geithner is seen in Montreal. President-elect Barack Obama is...

In this May 4, 2007 file photo Timothy Geithner is seen in Montreal. President-elect Barack Obama is likely to name Timothy Geithner, president of the New York Federal Reserve, as Treasury Secretary in a time of intense economic turmoil as he rounds out the upper echelon of his Cabinet, a senior Democratic official familiar with the deliberations said Friday, Nov. 21, 2008. (AP Photo/The Canadian Press, Ian Barrett, File)

(AP)

President-elect Barack Obama will announce the leaders of his economic team Monday, naming Timothy Geithner as treasury secretary and Lawrence Summers to direct the National Economic Council, transition officials said.

If confirmed by the Senate, Geithner, 47, president of the New York Federal Reserve, would be the top Cabinet official in charge of leading the administration's response to the global economic crisis. Word of his likely selection Friday helped send the Dow Jones Industrials soaring 500 points after several days of steep losses.

One top Democrat said John Podesta, a leader of Obama's transition team, had told Senate aides on Friday that Obama hoped for speedy confirmation so the new administration could get to work quickly thereafter.

Geithner (pronounced GITE-ner) served as a Treasury Department official during the Clinton administration, where he played a major role in negotiating assistance packages for South Korea and Brazil.

Related

Summers to Join Obama Econ. Squad

Obama Plan: 2.5M Jobs, Rebuilt Nation

Obama White House Finding Its Voice

Summers, 53, a former treasury secretary under President Bill Clinton and one-time president of Harvard University, will advise Obama from the White House. Officials said he would coordinate the federal response to the economic meltdown across several agencies, including a plan Obama announced Saturday to create or save 2.5 million jobs by rebuilding infrastructure and modernizing schools while developing alternative energy sources and more efficient cars.

During the Clinton administration, Summers helped craft the U.S. support program for Mexico during its 1995 financial crisis. He later helped lead the U.S. response to the Asian financial crisis of 1997.

Geithner and Summers were scheduled to appear with Obama at a press conference in Chicago Monday morning.

The announcement comes as Obama moves quickly to fill slots for his incoming administration. On Saturday, he named longtime spokesman Robert Gibbs as White House press secretary.

Ellen Moran will be director of communications in charge of getting Obama's message out. Her deputy in the White House will be Dan Pfeiffer, the communications director for Obama's presidential transition team.