Sunday, 28 August 2016
Last updated 1 day ago
Nov 19 2010 | 6:38am ET
A former Citi Alternative Investments executive is the new head of the Office of Management and Budget.
Jacob Lew was confirmed last night by the U.S. Senate, more than four months after he was nominated to the post by President Barack Obama. Sen. Mary Landrieu (D-La.) had blocked Lew’s confirmation to protest Obama’s ban on offshore oil drilling, which the administration lifted last month.
Lew was chief operating officer at Citi AI from 2006 through 2009. It will be his second stint as director of OMB—he served in the post under former President Bill Clinton from 1998 through 2001. Since President Barack Obama took office, he has served as deputy secretary for management and resources at the State Dept.
“After years of irresponsibility in Washington, we need to make the tough choices to put our country back on a sustainable fiscal path and lay the foundation for long-term job creation and economic growth,” the president said. “I am confident Jack Lew can lead up in these efforts.”