Obama confirms Geithner as new treasury secretary

President-elect Barack Obama named the president of the New York Federal Reserve as his Treasury Secretary today.

Timothy Geithner, whose nomination will need to be confirmed by the US Senate, will take over from Hank Paulson and assume chief responsibility for tackling the most serious economic crisis since the Great Depression.

In the statement, Mr Obama said he and vice president-elect Joe Biden had "assembled an economic team with the vision and expertise to stabilise our economy, create jobs, and get America back on track.

"Even as we face great economic challenges, we know that great opportunity is at hand - if we act swiftly and boldly.

"That's the mission our economic team will take on."

Lawrence Summers, the former treasury secretary under Bill Clinton, was also named as director of the National Economic Council.