Jan. 11, 2013 – President Obama made official his choice of Jack Lew to succeed Tim Geithner as Treasury secretary.
Speaking to reporters, Obama praised Geithner’s work to help contain the financial crisis from the time he served as president of the New York Federal Reserve Bank to his confirmation in 2009 as Treasury secretary.
“The tough decisions Tim made and carried out deserve a lot of credit for that,” the president said. “So I understand that Tim is ready for a break. Obviously, we're sad to see him go. But I cannot think of a better person to continue Tim's work at Treasury than Jack Lew.”
Lew has been the White House chief of staff for the past year and was budget director before that. “And over the years, he’s built a reputation as a master of policy who can work with members of both parties and forge principled compromises,” Obama said.
Last May, NAFCU President and CEO Fred Becker met with Lew during a cooperative summit at the White House. Lew called credit unions an important source of capital for small-businesses. His nomination is subject to Senate confirmation.
The president urged his confirmation “as soon as possible.” The Senate is out until Jan. 21, Inauguration Day.