Monday, November 24, 2008

Obama names economic team

Wall Street is likely to welcome Geithner's appointment [GALLO/GETTY]

Barack Obama, the US president-elect, has named his White House economic team, which faces the task of kickstarting the struggling US economy.

Timothy Geithner, the New York Federal Reserve Bank chief, was nominated as the next treasury secretary during a news conference held by Obama in Chicago on Monday.

Lawrence Summers, a former treasury secretary under Bill Clinton, is to be the director of the National Economic Council and Christina Romer, an economist at the University of California at Berkeley, was named as the head of the White House Council of Economic Advisers.

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