US President-elect Barack Obama has officially named Tim Geithner as his Treasury Secretary and Larry Summers as the Director of the White House National Economic Council. Obama said in the current financial crisis, he needs the best economic minds. “Today, Vice President-elect Biden and I are pleased to announce the nomination of four individuals who meet these criteria to lead our economic team. The reality is that the economic crisis we face is no longer just an American crisis, it’s a global crisis, and we will need to reach out to countries around the world to craft a global response,” he said.Geithner and Summers are veterans of the Clinton administration, and are widely respected in American financial circles. Obama said Geithner had served with distinction under both Democrats and Republicans and has a unique insight into the failures of today’s markets. Summers, he said, has the reputation for cutting to the heart of the most complex financial challenges.
Obama also named the academic Christina Romer as head of the White House Council of Economic Advisers, and Melody Barnes as Director of the Domestic Policy Council.