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President Obama Leaning Towards Jack Lew as Next Treasury Secretary

President Obama Leaning Towards Jack Lew as Next Treasury Secretary

President Barack Obama “has all but ruled out appointing” Erskine Bowles to replace Timothy Geithner as Treasury Secretary and is “leaning toward naming his chief of staff Jack Lew to the post”, according to FOX Business Network (FBN) Senior Correspondent Charlie Gasparino. Gasparino further reports that “the White House sees Erskine Bowles as being too moderate on budget matters” and that they’re “leery about involving him in the fiscal-cliff talks.”

Excerpts from the report are below.


On reports that President Obama “has all but ruled out appointing” Erskine Bowles as Treasury Secretary:

The White House sees Erskine Bowles as being too moderate on budget matters.  Not only is the White House leery about involving him in the fiscal-cliff talks, but people close to the administration say President Obama has all but ruled out appointing Bowles Treasury Secretary, and is leaning toward naming his chief of staff Jack Lew to the post. Jack Lew, a former budget director during the Clinton Administration and executive at Citigroup Inc. (NYSE:C), is considered a partisan Liberal and his likely appointment suggests that President Barack Obama will not compromise much from stated positions as part of any deal, including tax increases on families that earn more than $250,000 a year. A spokesman for Erskine Bowles would neither confirm nor deny the matter; a White House spokesman didn’t return calls for comment.

On whether Jack Lew is the lone name being considered to replaced Treasury Secretary Geithner:

Jack Lew is expected to play a key role in the fiscal-cliff deliberations, these people say. ‘It’s Lew’s job to lose,’ said one person with knowledge of the matter. If he does well during these discussions he will be Treasury Secretary. As an indication just how committed President Obama is to naming Jack Lew as Geithner’s replacement, other potential candidates haven’t even been called by the White House as of this morning, these people add.

On reports that former Bank of America Corp (NYSE:BAC) executive Sallie Krawcheck is being considered to replace SEC Chair Mary Shapiro:

On another front, several people with close ties to Wall Street are seeking senior jobs in the Obama Administration as it gears up for a second term. Former Bank of America Corp (NYSE:BAC) chief Sallie Krawcheck has expressed her desire for a senior position at the Securities and Exchange Commission, including replacing Mary Schapiro as chairwoman. Schapiro is expected to step down shortly. Krawcheck had no comment. Also former Morgan Stanley executive, and current under-secretary of state Tom Nides, is eyeing Jack Lew’s job as chief of staff if Lew, as expected, gets tapped to run Treasury.



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