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Obama signals N.Y. Fed chief Treasury pick

Nov. 21, 2008 at 5:10 PM
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WASHINGTON, Nov. 21 (UPI) -- New York Federal Reserve Bank chief Timothy Geithner is President-elect Barack Obama's Treasury secretary pick, a person close to the transition team said.

Wall Street reacted favorably to the leaked information Friday, jumping several hundred points in a late-afternoon rally, The New York Times reported.

Obama is expected to announce the Geithner appointment, as well as the rest of his economic team, on Monday. His appointment is subject to congressional approval.

Geithner, 47, has been subject of speculation for the top economic post for weeks. Also mentioned was Geithner's one-time Treasury boss, Lawrence Summers, who was former President Bill Clinton's final Treasury secretary.

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