Obama announces new team to tackle economic crisis

November 25th, 2008 - 1:01 am ICT by IANS  

Barack ObamaChicago, Nov 24 (IANS) US President-elect Barack Obama Monday named his team of economic advisers who would infuse “fresh thinking” to tackle the economic downturn.Timothy Geithner, the president of the New York Federal Reserve, is to be the next US treasury secretary. Lawrence Summers, a former treasury secretary, will be the new head of the White House’s national economic council.

At a press conference here, Obama said, “Even as we face great economic challenges, we know that great opportunity is at hand - if we act swiftly and boldly. That’s the mission our economic team will take on.”

“We need a big stimulus package that will jolt the economy back into shape.”

He said his priority for the US economy would be to create 2.5 million new jobs.

Christina Romer of the National Bureau of Economic Research is to chair Obama’s Council of Economic Advisers. Melody Barnes is to be director of the Domestic Policy Council.

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