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Lew Set To Start At Treasury As Budget Cuts Loom

Lew will also need to calm investors who have grown concerned about possible currency wars after Japan's new government sought to lower the value of the yen as a way to boost exports and its weak economy. A weaker yen makes Japanese goods cheaper overseas and foreign goods costlier in Japan.

And Lew will need to defend the Dodd-Frank Act, which overhauled financial regulation after the 2008 crisis. Since the law was passed in 2010, Wall Street has fought to weaken many of its stricter regulations.

He may also need to work on his signature, which starts off with a soft "J'' but is followed by seven loopy scribbles that render it illegible. The Treasury secretary's signature is emblazoned in the lower right corner of U.S. dollar bills of all denominations.

When he announced Lew's nomination, Obama said Lew had promised to work to make one letter legible "in order not to debase our currency."

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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