File Type: Article
Jacob “Jack” Lew, the current White House Chief of Staff, was nominated last week by President Obama to replace Tim Geithner as Secretary of the Treasury. Lew, who was deeply involved in the negotiations with Congressional Republicans over the debt limit increase in the summer of 2011, has extensive experience on budget matters, having served as Director of the Office of Management and Budget under both President Bill Clinton and under Barack Obama. Unlike Geithner, however, he does not have experience in Wall Street banking and finance, raising concerns among some in the financial sector that he lacks the background need to implement many of the financial reforms promulgated by Congress since 2008. Despite this lack of Wall Street experience, Lew is expected to be confirmed by the Senate Budget Committee.