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US President Barack Obama has named White House Chief of Staff Jack Lew to be his next Treasury secretary. The 57-year-old is the fourth senior official to be nominated by the president as he fills his second term administration team.

The new Treasury chief is set to face tough fiscal fights with Congress over the U.S. deficit.

“Jack has my complete trust, I know I’m not alone in that, and in the words of one former senator having Lew on your team is equivalent as a coach of having the luxury of putting somebody in 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,” said President Obama.

Jack Lew who served as budget director for Obama and former President Bill Clinton replaces Timothy Geithner who said he would step down after one term.

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