Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

IN THE PAPERS

Cécile Duflot ruffles some feathers

Read more

MEDIAWATCH

Media accused of pro-protester bias in Ferguson

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment

Read more

FOCUS

Republicans block Obama's bid to hike minimum wage

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

WEB NEWS

Web users divided over Darren Wilson

Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Reporter’s IS captors taunted family, asked for €100m ransom

    Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • Turkey’s Erdogan names foreign minister Davutoglu as next PM

    Read more

  • US reaches historic $16.7bn settlement with Bank of America

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • France delivered arms to Syrian rebels, Hollande confirms

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

Americas

Obama nominates Jack Lew to serve as Treasury chief

Text by News Wires

Latest update : 2013-01-10

US President Barack Obama has nominated his chief of staff, Jack Lew (left), to serve as secretary of the Treasury when Timothy Geithner leaves the post later this month. Lew's nomination must be confirmed by the Senate.

Jack Lew's two previous stints as White House budget director and his reputation as a skilled deal-maker will be put to the test now that President Barack Obama has nominated him to be Treasury secretary.

With Republicans gearing up for a showdown with the White House over the country's massive debt, Lew has been picked to replace the pugnacious Timothy Geithner, who steered the Obama administration through the financial crisis.

The nomination requires Senate confirmation.

Currently White House chief-of-staff, Lew, 57, is a veteran of the treacherous politics of Washington, and is seen as having a keen understanding of domestic and international economics.

Plus, he has already been deeply involved in budget fights between the White House and Congressional Republicans, as Director of the Office of Management and Budget (OMB) and, since last year, Obama's chief of staff.

A Harvard graduate, Lew has spent his entire professional life in the US capital since 1979, except for an eight-year span during the Republican presidency of George W. Bush.

He started out as a policy adviser to the Democratic speaker of the US House of Representatives, Thomas "Tip" O'Neill. During that period, Lew also earned a law degree from Georgetown University.

He joined a large Washington law firm when O'Neill retired in 1987 and in 1993 was recruited into the White House of Democratic president Bill Clinton, where he was eventually posted to the OMB.

In 1998 he was named director of the OMB, where he helped to manage tough negotiations with a hostile Republican Congress and achieved four consecutive years of budget surpluses, the first since 1960.

When Bush became president in 2001, Lew moved back to his native New York City, where he joined the management team of New York University.

In 2007-2008 he moved to Citigroup, where he notably headed a speculative fund and reaped an annual salary that topped $1 million.

Before returning to the OMB in 2010, he served as deputy secretary for management and resources under Secretary of State Hillary Clinton.

Lew, an Orthodox Jew, grew up in New York City and is a married father of two adult children.

Tall, with a thatch of black hair just starting to gray and wire-rimmed glasses, he is accessible and an attentive listener but rarely strays from his serious demeanor, according to several people who have worked with him.

He has always been low-key in public. According to a recent profile of him in The New York Times, he brings his own lunch to work -- a cheese sandwich and an apple -- and eats at his desk.

Before catching the political bug and ending up in government, Lew sported long hair and ripped jeans and wanted to crusade against world injustice as a journalist, the Washington Post recalled.

During his confirmation hearing for the State Department post in January 2009, the late senator Ted Kennedy heaped praise on Lew.

"I found him always to be thoughtful, open and innovative in assessing new ways for improving the lives of Americans," Kennedy said.

"Whether the issue was new investment in education, aid to sub-Saharan Africa or assistance to distressed fishermen in Massachusetts, Jack's door was always open."

(AFP)

 

Date created : 2013-01-10

  • USA

    Geithner faces grilling over response to rate fixing

    Read more

  • DEBT CRISIS

    US Treasury Secretary backs euro on Paris trip

    Read more

  • ECONOMY

    Geithner urges eurozone to leverage bailout fund

    Read more

COMMENT(S)