WASHINGTON—President Barack Obama’s chief of staff, Jacob Lew, is likely to be the new secretary of Treasury according to unofficial comments by White House insiders.
The president is expected to announce Lew as Timothy Geithner’s replacement Thursday, according to reports by Washington-based Politico. Geithner has already indicated that he would like to move on after four tough years in the eye of the financial crisis.
Jacob (Jack) Lew comes with a wealth of experience in budget management and congressional negotiations. He has served twice as director of the Office of Management and Budget (OMB), once in the Obama administration and earlier under Bill Clinton. He also knows his way around Congress having been a part of negotiations on taxes and spending when he was aide to the Speaker of the House Thomas P. “Tip” O'Neill Jr. (D-Mass.)
Dr. John Hudak, governance fellow at the Brookings Institution, says Lew would not only bring D.C. insider background to the Treasury, he would also bring a sound knowledge of the numbers and politics surrounding significant issues.
“He understands how to make deals, handle egos on Capitol Hill, and in the White House, and function with polarized parties,” Hudak said in an email.
Close to Obama
As OMB director and chief of staff, Lew also has a grasp of, “the reach and power of the presidency and the executive branch, as well as its limits,” Hudak said.
Born and raised in New York City, Lew is a lawyer, a graduate of Harvard University and D.C.’s Georgetown University Law Center. He is a close confidant of President Obama, which is seen as an advantage by some and a disadvantage by others.
