Geithner, Summers Represent Change at Treasury

November 24, 2008

Tim Geithner and Larry Summers were the top two candidates for Treasury Secretary in the Obama administration, and today at noon ET we officially heard that both are joining Obama’s economic team. Geithner will head up the Treasury Department and Summers will be director of the National Economic Council. Having both of these men, rather than having to choose only one, seems to be a great idea and should bode well for future economic policy.

In what might prove to be an important development, we are not installing a CEO into the Treasury Secretary slot. President Bush’s record nominating people for this post has not been very impressive, as two of his former Treasury Secretaries were forced to resign, and the jury is still out on Paulson’s effectiveness thus far. What did those three men have in common? They were all corporate CEOs before heading to Washington.

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