Obama announces part of economic team

CHICAGO, Nov. 24 (UPI) -- U.S. President-elect Barack Obama Monday announced part of his economic team: Timothy Geitner for treasury and Larry Summers as chief economic adviser.

Obama also named University of California-Berkeley economics Professor Christina Romer to head the Council of Economic Advisers and Melody Barnes as director of the Domestic Policy Council.

"We are facing an economic crisis of historic proportions," Obama said at a news conference announcing the appointments. He said the people he selected were the "best minds."

Obama moved quickly to announce his economic team in a bid to soothe roiling markets. The announcement came as the administration announced a $300 billion bailout of Citigroup, the latest intervention to keep the financial system from collapsing.

Geitner, who will become treasure secretary, heads the Federal Reserve Bank of New York and Summers, Bill Clinton's treasury secretary, is a professor at Harvard University's Kennedy School of Government.

Obama also had been expected to announced the appointment of New Mexico Gov. Bill Richardson as commerce secretary, but no mention of Richardson was made.

"We cannot have a thriving Wall Street without having a thriving Main Street," Obama said, adding he is confident the situation can be turned around because "we've done it before."