Corzine, Summers said to be on short list for Obama's Treasury Secretary

Posted Nov 4th 2008 3:40PM by Joseph Lazzaro
Filed under: Politics, Presidential Elections, Financial Crisis

In normal times, market analysts, pundits and economists would not be mulling over names and scuttlebutt regarding the new U.S. President's likely nominee for U.S. Treasury Secretary, months before the inauguration.

But as investors and traders know, these are not normal times, and with United States officials making their best effort to avoid a reappearance of the barter system, names are surfacing regarding who the likely Treasury nominee, should poll leader U.S. Sen. Barack Obama be elected.

The top two contenders, according to TheDeal: Gov. Jon Corzine of New Jersey, and Lawrence Summers, Secretary of the Treasury during the Clinton Administration (1999-2001).

A second tier candidate, in economist David H. Wang's opinion, is Citigroup (NYSE: C) executive Robert Rubin, who served as Treasury Secretary during the Clinton Administration, 1995-1999.

"All three are qualified, in my view. And there are no perfect or unblemished candidates, given what the nation has gone through in the financial crisis," Wang said. "Each has an appropriate temperament and is in tune with Obama's economic philosophy, which is a mix of center-left here, center-right there, and be willing to try creative and innovative solutions when needed."

Bush to nominate new Treasury head?

Further, Wang said it would be a good idea, from both crisis management and continuity standpoints, for President Bush to nominate the new president's successor to the current Treasury Secretary, after the president-elect has determined who he will recommend for the post.

The Senate Banking Committee could then hold hearings on the nominee shortly after Election Day, with the lame-duck U.S. Senate voting on the nominee this fall, Wang said. The aforementioned will allow for a quicker transition of the critical Treasury Secretary post, Wang said, than waiting until January 2009 to start to the Treasury nominee review process.

Fiscal Policy & Economic Analysis: Senate Banking Committee Chairman Christopher Dodd has said he favors the Bush nomination 'jump start' tactic for the new Treasury Secretary, but it is uncertain as to whether President Bush will go along with the plan.

Tags: inthenews, Jon Corzine, Lawrence Summers, Obama, Robert Rubin, U.S. Treasury Department

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Reader Comments (Page 1 of 1)

11-04-2008 @ 3:48PM

Iridium said...

Corzine and Rubin!!!!

My god haven't we learned anything. I guess Barack really wants to do the country in.

Lets just put more people in charge that created the whole mess in the first place.