Via NBC News:
NBC News has learned that the president-elect is preparing to roll out his economic team on Monday — and will personally announce the team and answer questions — part of an effort to reassure markets.
Barring last minute changes, the nominee for Treasury Secretary will be NY Fed President Tim Geithner — a career Treasury official under both Bob Rubin and Larry Summers — who actually had worked at the Treasury in three administrations under five Secretaries — going back to 1988.
Former Treasury Secretary Summers — also considered for the post — might still play a major future role in the Obama administration, according to sources. Summers came under fire from women’s groups because of controversial comments he made about gender issues while President of Harvard, but sources say the decision to choose Geithner had more to do with Obama’s interest in “change” and getting someone new on the team.
Geithner is currently the president of the New York Federal Reserve Bank and has worked both for the Federal Reserve system and the Treasury Department since the late 1980s. This nomination was well received by the financial markets, as the Dow Jones spiked 300 points following the release of the report.
Maybe this is what the market needs: some stability.
Update1: Lawrence Summers will take over the National Economic Council.
Democratic officials also said Obama plans to name New Mexico Gov. Bill Richardson as commerce secretary, adding a prominent Hispanic and one-time Democratic presidential rival to his Cabinet.