This is the VOA Special English Economics Report.
Barack Obama named the top members of his economic team in a series of
announcements this week in Chicago, Illinois. His
nominee for secretary of the Treasury is Tim Geithner, president of the Federal
Reserve Bank of New York for the past five years. Mister Geithner has been
working to rescue companies affected by the financial crisis. He has also
worked as undersecretary of the Treasury Department for international affairs.
The top economic adviser in the White House will be
Larry Summers. He was President Clinton's last Treasury secretary, at the same
time that Tim Geithner was undersecretary. The former Harvard University
president will lead the National Economic Council. That position does not
require Senate approval.
confirmation is required for the director of the Council of Economic Advisers.
Mister Obama's choice to lead that group is Christina Romer. She is an
economist and economic historian at the University of California, Berkeley.
The nominee to lead the Office of Management and Budget
in the White House is Peter Orszag, until now the director of the
Congressional Budget Office.
Mister Obama announced the creation of a President's Economic Recovery Advisory
Board. Paul Volcker will lead the new board. He was Federal Reserve chairman
during most of the nineteen eighties.
president-elect is working with Democratic leaders in Congress on an economic
recovery plan. Spending and tax cuts might cost five hundred billion dollars or
more. But Mister Obama says: "We
are facing an economic crisis of historic proportions."
goal for the stimulus plan is to save or create two and one-half million jobs
over a period of two years. Congressional leaders hope to have the plan ready for
the new president to sign shortly after he takes office on January twentieth.
The government has already promised trillions of
dollars in loans, guarantees and investments to rescue the economy. At the same
time, Barack Obama says the government must cut wasteful spending from the
three trillion dollar federal budget. As he promised during the campaign, he
said he will direct his new budget team to go through the budget page by page
and line by line.
that's the VOA Special English Economics Report. For the latest developments in
the financial crisis, go to voaspecialenglish.com. I'm Steve Ember.