President Obama Nominates Jacob Lew as Treasury Secretary

President Barack Obama announces Chief of Staff Jack Lew is his nominee for Treasury Secretary to replace Timothy Geithner, right, in the East Room of the White House, Jan. 10, 2013. (Official White House Photo by Chuck Kennedy)

Today, in an event President Obama nominated Jacob Lew -- the current White House chief of staff -- to serve as the next Treasury Secretary.

"Over the past year, I’ve sought Jack’s advice on virtually every decision that I’ve made, from economic policy to foreign policy," the President said.

Jack Lew has decades of experience tackling some of the nation's toughest economic challenges. As director of the Office of Management and Budget under President Clinton, Lew helped to negotiate the deal that balanced the federal budget -- and led to a budget surplus. In the Obama Administration, even before becoming chief of staff, he has helped to manage the day-to-day operations at the State Department and shepherd through the Budget Control Act to reduce federal spending in a second stint at OMB.

"One reason Jack has been so effective in this town is because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras," said President Obama. "And over the years, he’s built a reputation as a master of policy who can work with members of both parties and forge principled compromises."

The President also offered his gratitude to his current Treasury Secretary, Timothy Geithner -- who helped to guide the country through the financial crisis and get the economy growing again.

"When the history books are written," he said, "Tim Geithner is going to go down as one of our finest Secretaries of the Treasury." 

Read the full remarks here, or watch the video of the event: