U.S. President Barack Obama has nominated White House chief of staff Jacob Lew to be the country's next Treasury Secretary.
Obama says Lew has his complete trust to help the country boost its sluggish economic fortunes. If confirmed by the Senate, Lew will face immediate difficult issues, negotiating with Congress over increasing the country's $16.4 trillion borrowing limit and steep government spending cuts set to take effect in March.
Lew also served as deputy secretary of state for international economic issues at the start of the Obama administration, and prior to that spent a short time as an executive for a Wall Street financial firm.
If confirmed he would replace Timothy Geithner, who is stepping down later this month.