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Treasury Tasks

By Reuters -  |  Posted 2008-11-05 Email Print this article Print
 
 
 
 
 
 

Excitement about the election of Democrat Obama as the first black U.S. President was tempered by an awareness of the challenges he faces as the world's biggest economy labors in recession.

TREASURY TASKS

Obama is expected to move quickly to appoint his top team.

The next Treasury secretary, who could be named within days, will inherit one of the hottest seats in Washington, faced both with piloting a $700 billion bailout package and the regulatory reform needed to prevent a repeat of the crisis.

The shortlist likely includes former Treasury Secretary Lawrence Summers, ex-Federal Reserve Chairman Paul Volcker and Timothy Geithner, head of the Federal Reserve Bank of New York.

Obama has advocated a second government stimulus package worth $175 billion that would include money for investments in infrastructure as well as another round of tax rebates.

The U.S. Treasury is expected to announce on Wednesday the return of the three-year note when it sets out plans for borrowing that could total $2.1 trillion in the current fiscal year to fund its massive bailout program.

(Additional reporting by Reuters bureaus worldwide; Editing by Mike Peacock and Brian Moss)



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