Obama set to name Fed president as treasury chief

US President-elect Barack Obama intends to name the president of the New York Federal Reserve as his treasury secretary to confront the country’s intense economic turmoil, senior Democratic officials said. The stock market soared on the news.

If nominated and confirmed by the Senate, Timothy Geithner, 47, would assume chief responsibility for tackling an economic slowdown and credit crunch that threaten to create the deepest recession in more than a generation.