By Henry Decker

WATCH: Obama Nominates Jack Lew As Treasury Secretary

January 10, 2013 4:11 pm Category: Memo Pad 8 Comments A+ / A-

President Barack Obama officially nominated Jack Lew to replace Tim Geithner as Secretary of the Treasury onThursday, continuing the overhaul of his second-term cabinet.

“Jack knows that every number on a page, every dollar we budget, every decision we make, has to be an expression of who we wish to be as a nation, our values,” Obama said.

Calling Lew a “master of policy,” the president noted, “I don’t want to see him go” from his current role as White House Chief of Staff, “but my loss will be the nation’s gain.”

Obama also warmly praised the outgoing Treasury secretary, saying “When the history books are written, Tim Geithner’s going to go down as one of our finest secretaries of the Treasury.”

After a sustained round of applause, Geithner thanked Obama for giving him the opportunity to serve, and said that he has “the greatest respect for Jack Lew.”

“He’s committed to defending the safety net for the elderly and the poor,” Geithner said. “He understands what it takes to create the conditions for stronger economic growth and broader economic opportunity. And he understands that to govern responsibly is to govern with a recognition that we have limited fiscal resources.”

Video of the announcement is below:

Lew will receive a much frostier reception when he travels to Capitol Hill for his confirmation hearing. Lew has a strained relationship with congressional Republicans after representing the White House in the contentious 2011 debt ceiling negotiations, and at least one liberal plans to oppose his nomination as well. Vermont senator Bernie Sanders — an independent who caucuses with the Democrats — is promising to oppose Lew’s nomination on the grounds that he is too closely tied to Wall Street.

WATCH: Obama Nominates Jack Lew As Treasury Secretary Reviewed by on . President Barack Obama officially nominated Jack Lew to replace Tim Geithner as Secretary of the Treasury onThursday, continuing the overhaul of his second-term President Barack Obama officially nominated Jack Lew to replace Tim Geithner as Secretary of the Treasury onThursday, continuing the overhaul of his second-term Rating:

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  • http://www.facebook.com/dominick.vila.1 Dominick Vila

    Jack Lew is a highly qualified nominee. His education, and relevant experience suggest he is well qualified for the job, particularly as it pertains to budgetary issues, deficit spending and the national debt. Admittedly, he does not have the Wall Street experience and economic vision of Tim Geithner, but he has the skills and experience to handle the problems at hand.
    The Republican opposition to his appointment is, thus far, limited to the fact that he suggested significant reductions in deficit spending when he presented his budget proposals, and those reductions did not materialize. Not surprisingly, the GOP did not cite the fact that Lew’s predictions did not materialize because of Republican obstructionism. Another concern voiced by some Republicans is that Lew is disrespectful and too abrassive. Translation: he is not intimidated by Republican politicians and challenges their assertions with fact. Too bad, there are enough Democrats and Independents in the Senate to confirm his nomination. Remind Republicans that they lost the election, in part because their candidate was unacceptable to most Americans, but especially because mainstream America rejected Republican policies.

  • nobsartist

    MINT THE COIN!

    • ralphkr

      Shucks, mint dozens of the coins. After all, the major expense in minting coins and printing money is in the making the dies and printing plates.

  • http://twitter.com/LostAnarchist S-3

    WHAT NOB SAID!!

  • cats33

    Jack Lew is a communist. He will not do what is in Americas’ best interest. Seems everyone omuslim picks for any post is a fu***** COMMUNIST!!! Can’t you stupid people see this!!!!

  • onedonewong

    Master of policy?? You mean spend to we drop and the hell with the deficit

    • http://www.facebook.com/people/Jim-Myers/100001512942781 Jim Myers

      Replying to onedonewong -

      Oh, you mean like the administration of George the Second?

      • onedonewong

        Guess they must publish newspapers where you live in the hollow

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