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.
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.