02/27/2013 06:05 pm ET Updated Feb 27, 2013

Jack Lew Confirmed By Senate As Obama's Treasury Secretary

The U.S. Senate has confirmed Jack Lew as Treasury Secretary.

President Barack Obama nominated the former White House Chief of Staff for the position in January. Lew, a leading federal budget expert, succeeds Treasury Secretary Tim Geithner.

Lew was confirmed by a 71-26 vote.

Lew, who previously served as White House budget director during the Clinton administration, began working as the White House chief of staff in January 2012. During a Jan. 10 press conference announcing the Lew's nomination for Treasury Secretary, Obama called his departure from the chief of staff position "bittersweet."

The AP reported:

WASHINGTON — The Senate confirmed Jacob Lew to be Treasury secretary, affirming President Barack Obama's choice of a budget expert at a time when Congress and the White House are at odds over sharp government spending cuts.

The Senate voted 71-26 to support the nomination.

Lew, 57, had most recently served as Obama's chief of staff. He succeeds Timothy Geithner, who completed a tumultuous four-year term in which he helped lead the administration's response to the financial crisis and recession.

Lew takes over just before automatic spending cuts are set to take effect. He's likely to take part in any negotiations to reverse the cuts, and also in key budget talks next month to continue funding the government.



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