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Wednesday, October 26, 2016

Obama Reportedly To Nominate Jack Lew As Treasury Secretary

Obama Reportedly To Nominate Jack Lew As Treasury Secretary

President Barack Obama will reportedly nominate White House Chief of Staff Jack Lew as his next Secretary of the Treasury, elevating the liberal budget expert to the top spot on his economic team.

According to a report in Politico, Obama could announce Lew’s nomination as early as Thursday. Lew would replace Tim Geithner — the last remaining member of President Obama’s original economic team — who has signaled his intention to leave the Treasury department by the end of the month.

Before becoming Obama’s Chief of Staff in January 2012, Lew served two years as Director of the Office of Management and Budget — a position that he had previously held from 1998 through 2001 during the Clinton administration — and for two years before that as the first Deputy Secretary of State for Management and Resources. In between the Clinton and Obama administrations, Lew worked on Wall Street, overseeing Citigroup’s portfolio of hedge funds and private-equity funds.

By tapping Lew, Obama is clearly signaling that the federal budget will be the Treasury department’s top priority in the coming years. Lew is well known for his mastery of the budget — a trait that reportedly frustrated House Speaker John Boehner when Lew led the White House’s negotiating team during the 2011 discussions on raising the debt ceiling.

“I think it’s because Jack knows the numbers, and they couldn’t pull a fast one,” top Obama advisor David Plouffe told the New York Times.

The memory of those negotiations may be a point of contention during Lew’s confirmation hearings; according to Politico’s Manu Raju, Lew “has a contentious relationship with some Senate Republicans who are scoffing at reports that he’s poised to get the nomination for one of the most important posts in government.”

Their “scoffing” is unlikely to make much of a difference, however; with a 55-seat Senate majority (plus Vice President Joe Biden serving as the potential tiebreaker,) Democrats should have no problem confirming Lew. Republicans could theoretically filibuster his nomination, although such a move would be politically disastrous given Lew’s obvious qualifications and complete lack of scandal, as well as the nation’s obvious need for a Treasury Secretary to be in place as the debt ceiling and sequestration cuts draw near.

Lew’s appointment should also quell some of the complaints regarding the lack of diversity in Obama’s second-term cabinet. If approved by the Senate, Lew would become the first Orthodox Jew to ever be confirmed to a cabinet position; it would be an poignant honor, considering the Republican Party’s recent attacks against Defense Secretary nominee Chuck Hagel’s supposed anti-Semitism.

The appointment also means that Obama will have to find a new chief of staff to replace Lew; according to multiple reports, Deputy National Security Advisor Denis McDonough and Ron Klain, the former Chief of Staff to Vice President Joe Biden, are the favorites for that appointment.


Photo credit: AP/CBS News, Chris Usher

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  • The GOP will oppose Lew’s nomination as a matter of principle and to deny President Obama his preferences for the Cabinet posts in his administration. The fact that Lew is very qualified and very familiar with the Federal budget, deficit spending and the debt will be perceived as a negative inasmuch as he will be able to argue effectively against the GOP. The truth, however, is that the qualification of President Obama’s choices is irrelevant to the Tea Party crowd. They want to punish and embarrass the President regardless of how civil he acts towards them. In fact, the more civil and effective he is the more they hate him.
    I say, give them a taste of their medicine and remind them that the only place for losers is the back of the bus.

    • tobewan

      Thanks, Dominick Vila, the Tea (Taliban) Party and the likes remind me of the priests of Baal in 1Kgs 18:21-29. Take a look again. They did everything to try and prove they were right…they were wrong!
      Entirely wrong then and hateful attitudes and directives still are. The influences of LOVE are incomplete now, represent an Achilles heel to a better peaceful society here and world-wide, and it will only when a Higher Power brings the godly influence of and the spirit of Love to all hearts and minds, during His reign of righteousness.

    • SCREW The GOP/Tea Party American Taliban They Oppose Any And Everything Obama Do!! They Mad To Cause This Man Don’t Have Ties To The Thugs At Wall Street Greedy Asses!!! I Don’t Matter Who He Pick These Low Life Knuckle Dragging Assholes Are Going To Whine About It!! 🙁 SCREW THEM!!!

  • Kansan

    I hope we don’t have an economic meltdown on a Saturday.

    I was hoping for Krugman or Stiglitz. One can dream, can’t one?

    • I was hoping for Krugman, not only because I admire the guy, but because his nomination would have resulted in every Tea Party member having an apoplectic attack. Anyway, Lew is an outstanding choice.

    • hypnometal

      Oh, yes! Krugman would have been perfect! He’s just the kind of guy we need right now.

  • OMG, someone who can add? Not a Paul Ryan who can’t. Or a Romney who won’t. What is this country coming to? A sensible thinking person? You bet. The tea party needs to go home and soak their heads. Threatening to ruin our country and our economy is childish and ignorant. They need to look at a map. We are a BIG country, folks. We need BIg government. Get over it.

    • They Just Want A Small Government So They Can Wreak Havoc And Chaos On This Country And There Would Be No One Big Enough To Stop Them!! 🙁 Don’t Let These Thugs Fool You!!!

  • This was a brilliant move on the part of President Obama.

    The Turd Party will almost certainly oppose his nomination, but will be hard pressed to find a valid reason to do so.


    • Sand_Cat

      Believe me, they never have any trouble “finding” a reason in the fevered recesses of their tiny brains.

  • greghilbert

    Lew would appear to be a good choice insofar as grasp of federal budgeting and finance.

    But take note: “In between the Clinton and Obama administrations, Lew worked on Wall Street, overseeing Citigroup’s portfolio of hedge funds and private-equity funds.”

    Also note: “The appointment also means that Obama will have to find a new chief of staff to replace Lew; according to multiple reports, Deputy National Security Advisor Denis McDonough and … are the favorites for that appointment.”

    In other words, observe the elite in action as they further the subordination of government to serve wealthy capitalists and protect them from external threats today, and citizen revolt tomorrow.

    Look at the forest, not the trees.

    • I Think He Will Be Better Than The Last One!! You Can’t Pick No One That Have No Training In Dealing With Money!!!

  • Reddiaperbaby

    What kind of Orthodox Jew wears no skullcap? He may be Jewish, but unless he’s leaving work early on the Sabbath evening and refraining from driving a car and conducting business on Saturday, he’s no way Orthodox. Where is his head covering? Yarmulkeh, kipa, whatever…

  • Pingback: The National Memo » WATCH: Obama Nominates Jack Lew As Treasury Secretary()

  • rustacus21

    1st of all, we should understand that Mr. Lew is no one’s “Liberal”, as he’s spent more time advocating for the 1% over the last several decades, laboring over initiatives that have done more harm to markets and the Middle Class as a result, than the wars & tax cuts combined. Most damning is his impression that ‘deregulation’ had little to no impact on the disintegration & eventual collapse of the 2002-2007 economy & subsequent Depression of ’08. Ironically, his positioning in ’98, to the Clinton administration seems to be another of those ‘sweetheart’ deals that eased pressure on a besieged president, forcing his (Clinton’s) hand to agree to waive Glass-Stegal & open the floodgates of corruption that hand-cuffed regulators from ’99-this very moment in time, from ‘criminalizing’ Wall St. crimes against the markets, the economy & the nation’s citizenry. Note please, how “NO” meaningful regulations, prosecutions, nor investigations have initiated – STILL – post ’08 crash? There was Percora & his intense prosecution of the Wall St. sociopaths of the ’29 crash. Not so this time around & to be sure, Lew will have none of that, as we seem to have been made the ‘Trojan Horse’s ass’ of the 2012 re-election (i.e., supporters – of which I was) of President Obama, who effectively ‘BOXED IN’ by Wall St big money & leaving the citizenry to twist in the cruel winds of tyrannical fates, compliments of a conservative/1% & intentionally sabotaging of American markets & economy…