Wednesday, 30 July 2014
Last updated 12 hours ago
Jan 9 2013 | 12:49pm ET
A former Citigroup hedge fund executive is President Barack Obama's choice to serve as U.S. Treasury Secretary during his second term.
Obama plans to nominate White House Chief of Staff Jacob Lew to take over from Timothy Geithner, tomorrow. Geithner has repeatedly made clear that he wishes to step down, and reiterated it in the wake of the fiscal cliff talks that he helped lead.
Lew, who must be confirmed by the U.S. Senate, has served in the Obama administration from the beginning. Prior to taking over as chief of staff last January, he was director of the Office of Management and Budget and deputy secretary for management and resources at the State Department. Obama's administration is the second Lew, 57, has served in; he was previously head of OMB under President Bill Clinton.
In between those administrations, Lew served as chief operating officer of Citi Alternative Investments, from 2006 through 2009.
When Obama named Lew his chief of staff, he said, "his economic advice was invaluable."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…