WASHINGTON – Saying that the current economic crisis demands an economic team made up of people with "sound judgment and fresh thinking," President-elect Barack Obama today named his top economic advisers and the head of the Domestic Policy Counsel.
New York Federal Reserve Bank President Timothy Geithner was nominated to be secretary of the treasury; Former Treasury Secretary Lawrence Summers was chosen to lead the National Economic Council; University of California Economics Professor Christina Romer was named chairwoman of the Council of Economic Advisers; and Melody Barnes, a former top aide to Sen. Edward M. Kennedy (D-Mass.), will chair the Domestic Policy Council.
During a news conference in Chicago, Obama said his economic team would work to put together an economic stimulus bill that he will present to Congress and that he hopes lawmakers will act on it so he can sign it when he takes office on January 20.
He declined to name a price tag for the plan but said it should be of the "size and scope to get this economy back on track."
He also said that the country "cannot allow the auto industry to vanish" but the government shouldn't and won't write a blank check. Any aid package should be designed to help the industry's long-term well being."
Obama said while the country faces an "unprecedented crisis," he is optimistic about the future because of the "spirit and resilience of this nation."
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