Senior US Senators cutting across the party lines have welcomed New York Federal Reserve President Timothy Geithner's appointment as the Treasury Secretary in the incoming administration of President-elect Barack Obama. Formal announcement of his appointment is expected to be made today.
Obama, who will hold a press conference today in Chicago, is also expected to announce other members of his economic team which include New Mexico Governor Bill Richardson as his Commerce Secretary.
Richardson was earlier considered to be someone to replace Condoleezza Rice as the Secretary of State. But that post is now supposedly going to Senator Hillary Rodham Clinton.
"A good appointment. I've worked with Tim Geithner.... he's young. He's innovative. I believe he will be up to the challenge. He knows a lot about the economy and he knows a lot about problems. He has been involved in the bailout working with Secretary Paulson, but he is a breath of fresh air, so to speak. I think he will do well," Ranking Republican Senator on the Banking Committee Richard Shelby said.
Among other appointments which are to be announced today may also include Lawrence Summers as Obama's chief economic advisor who will head the National Economic Council. Summers had led the Treasury Department under president Bill Clinton.
"Tim Geithner's a great choice. I was glad to read, this morning, that Larry Summers may well become part of the administration as well. These are brilliant people, two of the best. When you have an economic problem or issue, you call them; you get incisive answers," Chairman of the Joint Economic Committee Charles Schumer said.