Jack Lew tapped to replace Tim Geithner as Treasury secretary

January 9, 2013 by · Leave a Comment
Filed under: Industry News 

I don’t know too much about Jack Lew, I know he has been a Washington insider for decades.  At least from what has been reported, he is not as much of a Wall Street guy like other names that were floated by the media, example in Jamie Dimon. 

He will still need to go through Senate confirmation so who knows, they could block his confirmation and we could still get another Wall Street pedigreed Secretary.  He was part of the Clinton administration, and it being touting as playing a pivotal roles in the engineering of the balance budget during that presidency.  

I am still not convinced, Obama brought in Paul Volcker in the initial aftermath of our current financial crisis and he was quickly marginalized so this may be another dog & pony show.  We need to get serious about our tax code and spending or at some point people will lose confidence in our ability the repay our debts in kind and that will cause a serious dislocation in our market and large cracks in the American foundation. 

Politico – President Barack Obama will nominate White House chief of staff Jack Lew for Treasury secretary as soon as Thursday, according to a person briefed on the matter. In doing so, Obama is throwing Lew straight into the middle of an increasingly nasty budget war, the likes of which Washington hasn’t seen since the mid-1990s.

Lew should be prepared for this type of fiscal and political environment, though — he helped President Bill Clinton strike the 1997 balanced budget accord as a top official at the Office of Management and Budget, the agency he has since run for both presidents. And Lew played an important role in the contentious 2011 debt ceiling debate.

Now, however, the liberal New Yorker will have an exponentially higher profile.

There is a certain symmetry to the pick. Four years ago, Obama’s nomination of Geithner, then the president of the New York Federal Reserve Bank and an architect of the 2008 bailouts, signaled the urgency of reassuring markets still gripped by the largest financial meltdown since the Great Depression.

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