Obama’s New Economic Team

The leaders of President-elect Obama’s all-important economic team are now in place. He’s actually found a place for two of the Treasury Secretary candidates that we mentioned earlier this month.  In addition, there was one surprise name. Here’s a look at four of the main players:

Treasury Secretary–Tim Geithner, 48

Geithner was the safe pick here. Geithner is currently the head of the New York Fed and was an instrumental player in the recent financial bailout.  Geithner lived abroad for much of his childhood and later attained degrees in international economics and East Asian studies. Prior to joining the New York Fed, Geithner had 14 years of experience working in the Treasury Department, including a stint as Under Secretary of the Treasury for International Affairs.  Geithner is also a long-time mentee of Larry Summers.

Chair of National Economic Council–Larry Summers, 53

In this role,  Summers, the former Treasury Secretary under President Clinton, will serve as the chief economic policy adviser to the President.  Summers brings a wide depth of experience to this crucial position and is considered by many people to be the smartest man in rooms filled with geniuses. Summers, unfortunately brings some baggage to the room as well, which likely explains why he wasn’t named Treasury Secretary.  Obama seemed to play his cards right on this one. By his team first leaking that Geithner had been named Secretary of the Treasury, Summers’s appointment didn’t get much press.  The fact that Summers and Geithner will be both working together again in the Obama administration is a brilliant play.

Secretary of Commerce–Bill Richardson, 61

Reported runner up for Secretary of State and current governor of New Mexico, Bill Richardson becomes President-elect Obama’s first high profile Latino cabinet selection. Granted, this probably isn’t what Richardson had in mind at first, having already served in mid level cabinet positions in the Clinton administration. However, it is believed that in light of the current economic crisis, President-elect Obama will elevate the roles and responsibilities of the commerce secretary. Richardson brings a wealth of government experience and should have a real grasp on how Washington works.

Office of Management and Budget (OMB) Director–Peter Orszag, 39

Anyone who works on any government grants is probably all too familiar with the OMB approval process (ugh). However, the OMB does much more than this. The OMB is the largest office within the Executive Office of the President and serves a role in overseeing all federal agencies. Does that seem like a lot? It is. The OMB has over 500 employees. Orszag is well prepared for this position, previously having served as the director of the legislative branch’s equivalent of the OMB, the Congressional Budget Office (CBO). With the federal deficit and likely expansion of government programs over the next four years, Orszag will have his work cut out for him.

Obama Meets the Press

Flanked by a cadre of men (and two women), Senator President-elect Obama held his first press conference since Tuesday’s election. The press conference was held in downtown Chicago, only a few blocks from where I work. However, as expected, I wasn’t allowed in the building. We assume most North American readers were probably at work when this presser occurred, so we’ll share the video for everyone to see:

There is nothing too unexpected here. President-elect Obama was calm and collected as always. He’ll have to be considering the mess he is inheriting. His Treasury Secretary selection remains the topic du jour. Former Secretary and king of controversy Larry Summers and New York Fed President Timothy Geithner are both apparently in the running. Former Fed Chair Paul Volcker’s name has been mentioned as well, but he’s about 95 years old.