Obama Could Soon Name Treasury Secretary

HarpBlaster.com wire reports

WASHINGTON, Nov. 6, 2008 — President-elect Barack Obama is expected to soon name his choice for Treasury secretary, about 10 weeks before he takes office.

Aides say Obama plans to meet Friday with his economic team and hold his first news conference since winning the election.

Obama is being briefed Thursday on highly classified intelligence.  The White House says President George Bush will meet with Mr. Obama on Monday in Washington to discuss the transfer of power.

Obama’s choice for chief of staff, Rahm Emanuel, accepted that job Thursday.  Emanuel, an Illinois congressman, served under President Clinton.

Sources close to Obama’s transition team say the short list for Treasury secretary includes four people: Timothy Geithner, president of the Federal Reserve Bank of New York; Lawrence Summers, who served as Treasury secretary under former President Bill Clinton; Paul Volcker, a former chairman of the Federal Reserve; and New Jersey Gov. Jon Corzine, a former executive at the Goldman Sachs investment bank.

A leading contender for defense secretary is said to be former Navy Secretary Richard Danzig, while the short list for secretary of state is said to include Sen. John Kerry, D-Mass., and Sen. Chuck Hagel, R-Neb.

Obama will be sworn in on Jan. 20.

President Bush, who has been in office for eight years, addressed staffers at the White House today, thanking them for their work and urging them to do all they can to help the incoming administration make a smooth transition.

“Offices within the White House are at work preparing extensive transition materials,” the president said. “We’re preparing career employees throughout the administration to take on added responsibilities to help prevent any disruption to the essential functions of the federal government.

“A successful transition is just one of many important tasks remaining in our last 75 days,” Bush added. “To help address the global financial crisis, the Secretary of Treasury is working endless hours, and I will host an international summit here in Washington on (Nov. 15). This will be a historic meeting — and I’m confident that you will work hard to help make it a success.”

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