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Obama to name economic task force


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Obama to name economic task force

Barack Obama will announce his top economic team today, two months before he enters the White House.

Two Clinton-era veterans are set to lead efforts to lift the United States out of its worst financial crisis in decades.

Timothy Geithner will be named as Treasury Secretary, according to a senior Obama adviser.
As head of the New York Federal Reserve Bank, Geithner has already been closely involved in trying to restore stability to shaky money markets.

He is expected to work alongside Lawrence Summers, who reports say will be named director of Obama’s National Economic Council.

“The President-elect spoke yesterday about his goal of creating or saving 2.5 million jobs in the next couple of years and the outline of a plan that will get us there,” said senior Obama adviser David Axelrod.
“And we need the best people we can find, the best minds in our country to help us accomplish that plan, and people like Tim Geithner and Larry Summers are among those people.”

Both have their work cut out for them but the signals from Wall Street are encouraging. When word leaked about Geithner’s appointment on Friday, US stock prices rallied more than six percent.

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