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Obama unveils team to tackle economic crisis
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With the economy in crisis, U.S. President-elect Barack Obama Monday unveiled his economic team pick to shore up financial markets and tackle the worst financial crisis since the Great Depression in 1930s.

US President-elect Barack Obama (3nd L) unveils his economic policy team in Chicago November 24, 2008. From left are Treasury Secretary-designate, New York Federal Reserve Bank President Timothy Geithner, Council of Economic Advisers Chair-designate Christina Romer, Obama, National Economic Council Director-designate Lawrence Summers, Domestic Policy Council Director-designate Melody Barnes and Vice President-designate Joe Biden. [China Daily/Agencies]

Nominations of economic veterans

Timothy Geithner, the head of the Federal Reserve Bank of New York will become secretary of the treasury, and former Treasury Secretary Lawrence Summers will be head of the National Economic Council.

Meanwhile, Obama also named University of California at Berkeley economist Christina Romer as the head of the White House Council of Economic Advisers.

At a news conference in Chicago, Obama said his newly minted economic aides offered "sound judgment and fresh thinking" at a time of economic crisis.

"Vice President-elect (Joseph) Biden and I have assembled an economic team with the vision and expertise to stabilize our economy, create jobs, and get America back on track," Obama said.

"Even as we face great economic challenges, we know that great opportunity is at hand -- if we act swiftly and boldly. That's the mission our economic team will take on," he added.

Geithner, 47, is the current president of the New York Federal Reserve. He was born in New York. He attended Dartmouth College and Johns Hopkins University's School of Advanced International Studies.

Geithner has studied Japanese and Chinese and has lived in Zimbabwe, India, Thailand, Japan and China.

"With stellar performances and outstanding results at every stage of his career, Tim (Geithner) has earned the confidence and respect of business, financial and community leaders, members of Congress, and political leaders around the world," said Obama, who will take the oath of office on Jan. 20 as the 44th president of the United States.

"And I know he will do so once again as America's next treasury secretary, the chief economic spokesman for my administration," he added.

Obama also praised Summer's thinking, writing and speaking have set the terms of the debate, "with respect to both our current financial crisis and other pressing economic issues of our time."

"I'm glad he will be by my side, playing the critical role of coordinating my administration's economic policy in the White House, and I will rely heavily on his advice as we navigate the uncharted waters of this economic crisis," said the president- elect.

Media and politicians are hailing Obama's top economic appointments. Senator Richard Shelby, a Republican from Alabama, told ABC that Geithner's expected nomination is "overall a good appointment."

"I've worked with Tim Geithner. He's young. He's innovative. I believe he will be up to the challenge. He knows a lot about the economy and he knows a lot about problems," Shelby said. "He has been involved in the bailout. ... He is a breath of fresh air, so to speak. I think he will do well."

The Wall Street Journal editorial page called Geithner " probably the best choice," as "he guarantees the smoothest transition from the current Treasury team."

"This continuity is especially important given that the credit markets have taken a major step backward since Obama's election."

The Politico said Obama's economic team is getting "rave reviews on Wall Street and will likely get an easy ride through the Senate."

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