WASHINGTON (AP) -- President-elect Barack Obama is likely to name Federal Reserve Governor Timothy Geithner as treasury secretary next week.
An official close to the senator says the New York Federal Reserve president is the leading contender for the job and is likely to be nominated Monday. The official spoke on condition of anonymity because Obama hasn't finalized his decision.
The development comes as Obama prepares for how he will grapple with a collapsing economy. Gov. Bill Richardson of New Mexico is under serious consideration to be commerce secretary.
Geithner has played a key role in the government's response to the financial crisis and worked closely with Treasury Secretary Henry Paulson.
(Copyright 2008 by The Associated Press. All Rights Reserved.)