This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Obama Nominates Jack Lew for Treasury Secretary

NEW YORK ( TheStreet) -- Barack Obama on Thursday nominated current White House Chief of Staff Jack Lew as the next Treasury secretary.

Should the U.S. Senate confirm Lew, he would replace Timothy Geithner after serving as the president's highest ranking employee for the past year.

"My loss will be the nation's gain," Obama said in a press conference.

Lew's critics have questioned his abilities for the post and pointed to his possible lack of fluency in capital markets, as the chief of staff's most notable private sector post included managing director positions in Citigroup's (C - Get Report) global wealth management division (2006-2008) and alternative investment arm (2008-2009).

Lew served as the president's director of the Office of Management and Budget (OMB) from 2010 to 2012, and worked as a professor of public administration at New York University in the early to mid-2000s. He served his first stint as the director of the OMB from 1998-2001. Lew got his start in government as a legislative aide in the House in 1973.

The nomination announcement likely marked one of Geithner's final public appearances as Treasury secretary. Geithner held a critical voice on controversial and unprecedented actions the Obama administration took to save the U.S. economy from the possibility of a deep depressionary cycle after the 2008 financial collapse.

Geithner received nearly a minute-long applause after Obama thanked him for his service and said he believed the Treasury secretary would be regarded as one of the nation's greatest.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
C $46.73 0.00%
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $247.54 -0.07%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs