President elect Barack Obama announced the names of the members of his economic team at a press conference November 24. The primary focus of the team will be pulling the nation out of a recession. Obama expressed that reviving the market will have extreme challenges, but that each member’s is experience uniquely qualifies them for the position that they will fill.
“We are facing an economic crisis of historic proportions,” said Obama, “We need to bring together the best minds in America to guide us.”
With that said, Obama named the key members of his economic team and explained why they were chosen.
Timothy F. Geithner, President and CEO of the Federal Reserve Bank in New York, will take the position of Secretary of Treasury, and be the Chief Economic spokesman of the Administration.
“Tim has an unparalleled understanding, of our current economic crisis in all of its depth, complexity, and urgency,” said Obama. With his international background, Geithner will also be helpful in cleaning up economic problems that have spread to other nations, such as Japan.
Christina Romer, who is a leading macro economist and historian, will aid the administration with various topics from tax policy, to combating recessions. Romer has conducted extensive research on vital issues affecting the economy.
“I look forward to her wise counsecil in the White House,” said Obama.
Lawrence Summers, the Charles W. Eliot University Professor at Harvard University will be the Director of the National Economic. When he served as the 71st secretary of Tresury in 2001 to 2006 he “guided the country through several major internatinal crisis,” said Obama. Summers created 20 million new jobs, and a record surplus that rised the income for middle class families. He believes in a “strong, vibrant, growing middle class.” which happens to be the core of Obama’s economic philosophy.
Melody Barnes, a top policy expert, in America will “work hand in hand with my economic team to chart a course to economic recovery,” said Obama. In the past Barnes has headed a team of policy experts to find solutions for issues affecting middle-class families.
Peter Orszag will fill the position of Budget Director, and Office Management. The Deputy Director position will be filled by Rob Nabors.
Paul Volcker, who was announced Nov. 26, will serve as Chair of the Board. In the past he held the position of Chairman of the Federal Reserve from 1979-87. He was selcted for his “deep understanding of financial markets and the global nature of this economic crisis to bear in leading the Board’s work.”
When it comes to the future of the country Obama is optimistic. He stated that the road ahead will be rough with circumstances becoming worse before they get better.
“I am hopeful about the future,” Obama said. “I have full confidence in the wisdom and ingenuity of my economic team.” said Obama.