Obama nominates Lew to lead Treasury

WASHINGTON — President Barack Obama nominated White House chief of staff Jack Lew to be secretary of the Treasury Thursday, declaring his complete trust in an aide with three decades of Washington experience in economic policy and a penchant for shunning the limelight.

“He is a low-key guy who prefers to surround himself with policy experts rather than television cameras,” Obama said.

Obama announced his nomination in the ornate White House East Room, flanked by Lew and outgoing Treasury Secretary Timothy Geithner. The two men and their backgrounds illustrate the nation’s changing economic landscape — Geithner a long time banking specialist with the Treasury and the Federal Reserve took office in 2009 at the height of the nation’s financial crisis and Lew, the budget expert as the government struggles with its debt and deficit challenges.

Obama heaped praise on Geithner for addressing the Wall Street meltdown and shepherding an overhaul of financial regulations through Congress.

“When the history books are written, Tim Geithner is going to go down as one of our finest secretaries of the Treasury.”