Sources Say Obama Chose Treasury Secretaryby Tim Manni
Barack Obama must read our blog. Not even three hours ago did we publish a story saying that President-elect Obama needs to choose a treasury secretary as well as other economically-influential cabinet members to install the confidence that he (although with no official power until Inauguration Day) has developed an economic-recovery plan with qualified individuals that can get off the ground before January.
President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary, with Lawrence Summers getting a senior White House role, a Democratic aide said.
Obama is also likely to nominate New Mexico Governor Bill Richardson as Commerce Secretary, and to announce his picks on Nov. 24, the person said on condition of anonymity.
Markets reacted well to the news, rallying late in the afternoon just after the announcement.