President Obama Nominates Jacob Lew as Treasury Secretary

Jan 11 - President Obama has nominated Jacob Lew, the current White House chief of staff, to serve as the next Treasury Secretary.

"Over the past year, I’ve sought Jack’s advice on virtually every decision that I’ve made, from economic policy to foreign policy," the President said.

Jack Lew has decades of experience tackling some of the nation's toughest economic challenges. As director of the Office of Management and Budget under President Clinton, Lew helped to negotiate the deal that balanced the federal budget — and led to a budget surplus. In the Obama Administration, even before becoming chief of staff, he has helped to manage the day-to-day operations at the State Department and shepherd through the Budget Control Act to reduce federal spending in a second stint at OMB.

"One reason Jack has been so effective in this town is because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras," said President Obama. "And over the years, he’s built a reputation as a master of policy who can work with members of both parties and forge principled compromises."