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

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership 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.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid