国际英语新闻:Obama nominates Jacob Lew as Treasury Secretary

WASHINGTON, Jan. 10 (Xinhua) -- U.S. President Barack Obama on Thursday picked White House Chief of Staff Jacob Lew as the next Treasury Secretary succeeding Timothy Geithner, a big step of shaping his economic team.

If confirmed by the Senate, Lew will become Obama's second Treasury Secretary replacing Geithner, the last remaining major economic aide from Obama's original economic team four years ago.

Lew, a budget expert, served as the director of the Office of Management and Budget (OMB) in U.S. President Bill Clinton's cabinet from 1998 to 2001. During his tenure at the OMB, he helped the U.S. federal government achieve budget surpluses for three consecutive years.

Lew served in the Obama administration as deputy Secretary of State from 2009 to 2010 and as the OMB director from Nov. 2010 to January 2012. He served as White House Chief of Staff from January 2012 to present.

Lew is the best person to continue Geithner's work at the Treasury Department, Obama said during a White House nomination event.

Lew "has my complete trust," stressed Obama, adding that "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. "

"Jack has the distinction of having worked -- and succeeded -- in some of the toughest jobs in Washington and the private sector. As a congressional staffer in the 1980s, he helped negotiate the deal between President Reagan and Tip O' Neill to save Social Security. Under President Clinton, he presided over three budget surpluses in a row," Obama said.

Obama also urged the Senate to confirm Lew's nomination as quickly as possible.

Obama lauded the efforts made by Geithner in tackling the financial crisis, saying "our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. The tough decisions Tim made and carried out deserve a lot of credit for that."