News / USA

White House Chief of Staff Lew Expected to Take Over Treasury

White House Chief of Staff Lew Expected to Take Over Treasuryi
X
January 10, 2013 12:30 AM
U.S. President Barack Obama is expected to name his chief of staff, Jack Lew, to be his new secretary of the Treasury. Lew will replace Timothy Geithner, who received mix grades for his four years in office. Mil Arcega in Washington has more.
U.S. President Barack Obama is expected to name his chief of staff, Jack Lew, to be his new secretary of the Treasury. Lew will replace Timothy Geithner, who received mix grades for his four years in office.

Jack Lew began his career as a legislative aide in 1973 and later held key budget positions with Presidents Obama and Clinton.

He also worked as an investment banker.

Jack Lew

  • Current White House chief of staff
  • Director of Office of Management and Budget 1998-2001 and 2010-2012
  • Principal domestic policy advisor to House Speaker Thomas O'Neill from 1979 to 1987
  • Began career in Washington as a legislative aide in 1973
  • Born in New York in 1955
Lew has a reputation as a tough negotiator with a keen understanding of the details of the immense U.S. budget.

That reputation is likely to be tested in the coming months, as Congress and the White House battle over the federal budget and a rapidly expanding debt.

Four years ago, when U.S. central bank official Timothy Geithner was sworn in as Treasury Secretary, unemployment was rising and the stock and housing markets were in danger of collapse.

Geithner helped the departing Bush administration and the new Obama administration use $700 billion dollars to prop up tottering financial firms in a bid to reassure investors, businesses and consumers.

Despite much criticism, economist Desmond Lachman of the American Enterprise Institute says the program worked.

"The country was facing a huge crisis, many people thought we could quite easily tip into a depression, he managed to stabilize that situation," Lachman said.

But Lachman and other critics say Geithner did too little to improve the day-to-day growth of the economy.

"He favored Wall Street on far too many occasions at the expense of Main Street," Lachman said.

Sarah Anderson at the Institute for Policy Studies hopes for a new approach at the Treasury Department.  

"Three things to look for in the next Treasury Secretary: Are they going to be more aggressive in reining in Wall Street? Are they going to do more to help homeowners facing foreclosure? And are they going to be a deficit hawk or are they going to try to get our economy back on its feet before they address the deficit?," Anderson said.

The coming two months will be a test for Lew, as the battle over the budget deficit heats up in Congress. Although stock markets, housing and the banking industry have stabilized, economists warn the US economy remains fragile. Without a budget deal in Congress, many say the US recovery could stall.

VOA's Jim Randle also contributed to this article.

You May Like

EU Court Fines Poland for Hosting CIA 'Black Sites'

Ruling is first time a court has acknowledged suspects were held and tortured at the sites, under US program launched following the 9/11 terrorist attacks More

Migrant Issues Close to Home Spur Groups to Take Action

Groups placing water, food in the desert, or aiding detainees after release, have one common goal: no more deaths of migrants crossing illegally into the US More

Video At AIDS Conference, Prevention Pill Stirs Excitement

Truveda shows promise, spurring debate over access and other approaches More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Israel Targets Gaza Supply Tunnelsi
X
July 24, 2014 4:42 AM
The Israeli military has launched a ground operation in Gaza to destroy the myriad tunnels that may have been used to smuggle weapons to Hamas. VOA's Zlatica Hoke reports that could mean more hardship for the people of Gaza, who obtain some of their essential supplies through these underground passages
Video

Video Israel Targets Gaza Supply Tunnels

The Israeli military has launched a ground operation in Gaza to destroy the myriad tunnels that may have been used to smuggle weapons to Hamas. VOA's Zlatica Hoke reports that could mean more hardship for the people of Gaza, who obtain some of their essential supplies through these underground passages
Video

Video MH17's 'Black Boxes' Could Reveal Crash Details

The government of Malaysia now has custody of the cockpit voice and flight data recorders from Malaysia Airlines Flight 17, which was hit by a missile over Ukraine before crashing last week. As VOA's Carolyn Presutti reports, the so-called black boxes may hold information about the final minutes of the flight.
Video

Video Living in the Shadows Panel Discussion

Following a screening of the new VOA documentary, "AIDS - Living in the Shadows," at the World AIDS conference in Melbourne, a panel discussed the film and how to combat the stigma associated with HIV/AIDS.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video US Awards Medal of Honor for Heroics in Bloodiest of Afghan Battles

U.S. combat troops are withdrawing from Afghanistan, on pace to leave the country by the end of this year. But on Monday, U.S. President Barack Obama took time to honor a soldier whose actions while under fire in Afghanistan earned him the Medal of Honor. VOA's Jeff Seldin has more from the Pentagon.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.

AppleAndroid