Obama announces economic team; Geither for treasury

Washington: President-elect Barack Obama on Monday unveiled his economic team and promised to take \"extraordinary policy responses\" to save the world\'s largest economy from a major financial crisis. New York Federal Reserve President Timothy Geithner will take over the post of next Treasury secretary and former Treasury chief Lawrence Summers will be the president-elect\'s chief White House economic advisor, Obama announced in a press conference in Chicago. Also named was Christina Romer Chair of the Council of Economic advisors, with Melody Barnes and Heather Higginbottom to serve as Director and Deputy Director of the Domestic Policy Council. Noting that the financial meltdown cannot be solved easily, Obama said he chose \"the best minds in America\" to reform the sagging economy. \"While we can\'t underestimate the challenges we face, we also can\'t underestimate our capacity to overcome them to summon that spirit of determination and move forward in a new direction to create new jobs, reform our financial system, and fuel long-term economic growth,\" he said. \"We know this won\'t be easy, and it won\'t happen overnight. We\'ll need to bring together the best minds in America to guide us and that is what I\'ve sought to do in assembling my economic team. \"I\'ve sought leaders who could offer both sound judgement and fresh thinking, both a depth of experience and a wealth of bold new ideas and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers; that in this country, we rise and fall as one nation, as one people,\" Obama said.

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