Thursday morning, The White House announced that Jack Lew will move from his current chief of staff position to treasury secretary and will replace Timothy Geithner; President Obama is expected to announce the news himself at a press conference at 1:30 p.m. Thursday.
The White House press release reads as follows:
Jack Lew will bring an impressive record of service in both the public and private sectors for over three decades, and economic expertise, to this important role, and his deep knowledge of domestic and international economic issues will enable him to take on the challenges facing our economy at home and abroad on day one. Throughout his career, Jack Lew has proven a successful and effective advocate for middle-class families who can build bipartisan consensus to implement proven economic policies.
Jacob “Jack” Lew has been the White House chief of staff for the past year and he was the budget director during the Bill Clinton years prior to that position.
Lew was personally involved in the fiscal cliff negotiations. Over the past week, Lew was the only person the White House spoke about for the treasury secretary position.
Lew has become known for his strong ability to focus on the issues at hand and also for his crazy signature that includes a bunch of loops.
Lew has also been the chief operating officer of Citigroup's Global Wealth Management and Alternative Investments divisions.
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Sources: The White House, ABC News and the Washington Post
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