Barack Obama economic team announcement

CHICAGO - Good morning.

The news this past week, including this morning's news about Citigroup, has made it even more clear that we are facing an economic crisis of historic proportions. Our financial markets are under stress. New home purchases in October were the lowest in half a century. Recently, more than half a million jobless claims were filed, the highest in eighteen years - and if we do not act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.

While we can't underestimate the challenges we face, we also can't underestimate our capacity to overcome them - to summon that spirit of determination and optimism that has always defined us, and move forward in a new direction to create new jobs, reform our financial system, and fuel long-term economic growth.

We know this won't be easy, and it won't happen overnight. We'll need to bring together the best minds in America to guide us - and that is what I've sought to do in assembling my economic team. I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas - and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers; that in this country, we rise and fall as one nation, as one people.

Today, Vice President-Elect Biden and I are pleased to announce the nomination of four individuals who meet these criteria to lead our economic team: Timothy Geithner as Secretary of the Treasury; Lawrence Summers as the Director of our National Economic Council; Christina Romer as Chair of the Council of Economic Advisors; and Melody Barnes as Director of the Domestic Policy Council.

Having served in senior roles at Treasury, the IMF and the New York Fed, Tim Geithner offers not just extensive experience shaping economic policy and managing financial markets - but an unparalleled understanding of our current economic crisis, in all of its depth, complexity and urgency. Tim will waste no time getting up to speed. He will start his first day on the job with a unique insight into the failures of today's markets - and a clear vision of the steps we must take to revive them.

The reality is that the economic crisis we face is no longer just an American crisis, it is a global crisis - and we will need to reach out to countries around the world to craft a global response. Tim's extensive international experience makes him uniquely suited for this work. Growing up partly in Africa and having lived and worked throughout Asia; having served as Under Secretary of the Treasury for International Affairs - one of many roles in the international arena; and having studied both Chinese and Japanese, Tim understands the language of today's international markets in more ways than one.

Tim has served with distinction under both Democrats and Republicans and has a long history of working comfortably, and as an honest broker, on both sides of the aisle. With stellar performances and outstanding results at every stage of his career, Tim has earned the confidence and respect of business, financial and community leaders; members of Congress; and political leaders around the world - and I know he will do so once again as America's next Treasury Secretary, the chief economic spokesman for my Administration.

Like Tim, Larry Summers also brings a singular combination of skill, intellect and experience to the role he will play in our Administration.

As undersecretary, deputy secretary, and then secretary of the Treasury, Larry helped guide us through several major international financial crises - and was a central architect of the policies that led to the longest economic expansion in American history, with record surpluses, rising family incomes and more than 20 million new jobs. He also championed a range of measures - from tax credits to enhanced lending programs to consumer financial protections - that greatly benefitted middle income families.

As a thought leader, Larry has urged us to confront the problems of income inequality and the middle class squeeze, consistently arguing that the key to a strong economy is a strong and growing middle class. This idea is the core of my own economic philosophy and will be the foundation for all of my economic policies.

And as one of the great economic minds of our time, Larry has earned a global reputation for being able to cut to the heart of the most complex and novel policy challenges. With respect to both our current financial crisis, and other pressing economic issues of our time, his thinking, writing and speaking have set the terms of the debate. I am glad he will be by my side, playing the critical role of coordinating my Administration's economic policy in the White House - and I will rely heavily on his advice as we navigate the uncharted waters of this economic crisis.

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