Treasury Secretary

Outgoing Treasury Secretary Timothy Geithner has had a bruising four years. He took office when the U.S. economy was plunging into the worst recession since the Great Depression.

Nominating Jack Lew as Geithner's successor Thursday, President Obama praised his departing Treasury secretary for helping to get the economy back on track.

Saying he "cannot think of a better person" to take the job, President Obama this afternoon formally announced he is nominating Jacob "Jack" Lew, his chief of staff, to be the next Treasury secretary.

Word of Obama's decision to tap Lew, who previously served as budget director in the Obama and Clinton administration, broke Wednesday.

"Jack has my complete trust," Obama said.