President Barack Obama will nominate White House Chief of Staff Jack Lew to be Treasury Secretary, Bloomberg reports.
Outgoing Treasury Secretary Timothy Geithner is expected to leave his post at the end of the month.
Some Republicans have scoffed at the idea that Lew should be Treasury Secretary. The decision to replace Geithner with Lew could also disappoint critics hoping for dramatic changes in Obama's second term, as HuffPost's Mark Gongloff and Christina Wilkie reported earlier:
Throughout Obama's first term, Geithner has been constantly criticized as looking out for the interests of Wall Street over Main Street, particularly for what some critics say was his opposition to mortgage relief for underwater homeowners out of concern for bank profits. Lew seems likely to be less of a lightning rod than Geithner, who is the protege of bank-deregulator Robert Rubin. Lew is widely seen as a smart, tough negotiator and an able public servant.
But his professed lack of expertise in financial regulation, along with his own tenure at Rubin's old firm, the original too-big-to-fail bank, Citigroup, has raised warning flags among critics. They fear a Lew Treasury might not aggressively push back financial industry efforts to water down the Dodd-Frank financial-reform law or keep an eye out for the next financial crisis.
Despite doubts, Lew has played a vital role in key past Obama negotiations. HuffPost's Sam Stein reported earlier:
White House Chief of Staff Jack Lew has been an unassuming figure during the Obama years. His media appearances are dull; his presentation is a bit bookworm-ish -- as if Harry Potter grew up and replaced his magic wand with Excel spreadsheets. When he speaks, the tone is usually measured and unemotional.
Behind the scenes, however, Lew has proven to be Obama's most skillful consigliere in matters of political trench warfare. Time and again during the debt ceiling debate, as Republicans attempted to get the administration to bend on top domestic priorities, it was Lew who proved to be a stick in the mud. Then serving as Office of Management and Budget Director, his insistence on playing out the practical impact of those cuts irritated Republicans to no end.
Earlier on HuffPost:
<strong>Joe Biden, Vice President </strong> (Win McNamee/Getty Images)
<strong>John Kerry, Secretary of State </strong> (Chip Somodevilla/Getty Images)
<strong>Jack Lew, Secretary of the Treasury </strong> (Jessica McGowan/Getty Images)
<strong>Chuck Hagel, Secretary of Defense </strong> (Alex Wong/Getty Images)
<strong>Eric Holder, Attorney General </strong> (Photo by Chris Graythen/Getty Images)
<strong>Sally Jewell, Secretary of the Interior </strong> (Photo by Ethan Miller/Getty Images)
<strong>Tom Vilsack, Secretary of Agriculture </strong> (SAUL LOEB/AFP/GettyImages)
<strong>Penny Pritzker, Secretary of Commerce </strong> (AP Photo/J. Scott Applewhite)
<strong>Thomas Perez, Secretary Of Labor </strong> (SAUL LOEB/AFP/Getty Images)
<strong>Kathleen Sebelius, Secretary of Health and Human Services </strong> (Kris Connor/Getty Images)
<strong>Shaun Donovan, Secretary of Housing and Urban Development </strong> (Photo by Win McNamee/Getty Images)
<strong>Anthony Foxx, Secretary of Transportation </strong> (Drew Angerer/Getty Images)
<strong>Ernest Moniz, Secretary of Energy </strong> (AP Photo/Susan Walsh, File)
<strong>Arne Duncan, Secretary of Education </strong> (Olivier Douliery-Pool/Getty Images)
<strong>Eric Shinseki, Secretary of Veterans Affairs </strong> (SAUL LOEB/AFP/Getty Images)
<strong>Rand Beers, Acting Secretary Of Homeland Security </strong> (Photo by Alex Wong/Getty Images)
<strong>Denis McDonough, White House Chief of Staff (Cabinet-rank) </strong> (Cliff Owen/AP)
<strong>Gina McCarthy, EPA Administrator </strong> (MANDEL NGAN/AFP/Getty Images)
<strong>Sylvia Matthews Burwell, Office of Management & Budget Director </strong> (AP Photo/Carolyn Kaster, File)
<strong>Michael Froman, U.S. Trade Representative </strong> (NICHOLAS KAMM/AFP/Getty Images)
<strong>Samantha Power, U.S. Ambassador to the United Nations (Cabinet-rank) </strong> (AP Photo/Charles Dharapak)
<strong>Jason Furman, Council Of Economic Advisers Chairman </strong> (Photo by Alex Wong/Getty Images)