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January 11, 2013

Obama Nominates Chief of Staff, Ex-Citi Exec Jack Lew for Treasury 
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President Obama has nominated another former Wall Street executive to
become treasury secretary, picking his own chief of staff, Jack Lew, to
replace Timothy Geithner. Obama unveiled Lew's nomination at the White
House on Thursday.

President Obama: "When the history books are written, Tim Geithner is
going to go down as one of our finest secretaries of the Treasury. Jack
has my complete trust. I know I'm not alone in that. In the words of one
former senator, having Lew on your team is the equivalent, as a coach,
of having the luxury of putting somebody at almost any position, and
knowing he will do well. And I could not agree more. So I hope the
Senate will confirm him as quickly as possible."

Lew was an executive at Citigroup from 2006 to 2008 at the time of the
financial crisis and a longtime proponent of deregulating Wall Street.

 

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