Obama Names Geithner for Treasury Post

President-elect Barack Obama has selected key members of his economic team, including Timothy Geithner as Treasury secretary, who will be working on an economic recovery and stimulus plan to get credit moving again and address the growing foreclosure crisis. Mr. Obama said at a press conference that he plans to release an overview of the plan in the coming weeks and he wants Congress to begin work on passing the package early in January. Mr. Geithner is currently the president of the New York Federal Reserve Bank and he has been working with Treasury secretary Henry Paulson in propping up Citicorp and American International Group. "We will honor commitments made by the current administration," Mr. Obama said. The president-elect also plans to nominate former Harvard University president and Treasury secretary Lawrence Summers to be his chief economic advisor in the White House. "We need a recovery plan for both Wall Street and Main Street. A plan that stabilizes our financial system and makes credit flow again while at the same time addressing our growing foreclosure crisis, helping out the struggling auto industry and creating and saving 2.5 million jobs," Mr. Obama said.