Geithner tapped for Obama Treasury chief

NEW YORK: New York Federal Reserve President Timothy Geithner is tipped to take over the Treasury Secretary post as former treasury secretary Lawrence Summers is in line to become the chief economic advisor in the incoming administration of President-elect Barack Obama.
    
The economic team, to tackle the current financial crisis and market meltdown, will be formally announced by Obama on Monday in a scheduled press conference at Chicago.
    
New Mexico Governor Bill Richardson, who was also considered for the post of secretary of state, is tapped for the commerce secretary, according to media reports.
    
Geithner, analysts say, has the experience dealing with economic crisis. He will occupy the top cabinet economic post in the cabinet but Summers would be top economic adviser to Obama.
    
"These individual will fill essential roles and bring breadth and depth of experience that can help our administration advance prosperity and security of American people," Obama said in a written statement quoted by CNN.
    
"This dedicated and impressive group of public servants includes longtime advisors and a talented new addition to our team and together we will work to serve our country and meet the challenges in the defining moment of history."