Obama to name new treasury secretary

Us President Barrack Obama (R) and Jack Lew. (File photo)

US President Barack Obama plans to nominate current White House Chief of Staff Jack Lew as his next treasury secretary, replacing outgoing Timothy Geithner.

The president plans to announce the nomination of Lew as his next treasury secretary this Thursday, which must later be confirmed by the Senate, CNN reported Wednesday.

Lew, a veteran Washington insider who previously served as Director of the Office of Management and Budget, will succeed Geithner, who has announced he will step down at the end of this month and does not seek a second term in the Treasury Department.

Geithner has fallen under heavy criticism during his term, with experts accusing him of failing to revive the US economy since the worst recession in decades.

Lew is to take over the Treasury at a time of serious economic challenges, with Congress facing a battle over the USD 16.4 trillion debt limit, as well as measures to curb spending cuts expected to take effect in early March.

This comes as Obama announced the nominations of Chuck Hagel as his next defense secretary, and his top adviser John Brennan as the next director of the CIA spy agency.

The president is also expected to make announcements for several other cabinet-level positions, including commerce secretary and budget director.