Change.gov - The Official Web Site of the The U.S. Presidential Transition

With today's introduction of key members of the National Security Team, President-elect Barack Obama and Vice President-elect Joe Biden have now chosen nearly half of the cabinet, including the heads of the departments of State, Defense, Treasury, and Justice.

Nominees announced today include Senator Hillary Clinton as Secretary of State, Eric Holder as Attorney General, Governor Janet Napolitano as Secretary of the Department of Homeland Security, Susan Rice as Ambassador to the United Nations, and General Jim Jones, USMC (Ret) as National Security Adviser. President-elect Obama also announced that he has asked Robert Gates to stay on as Secretary of Defense.

Opinion leaders from across the ideological spectrum have praised the cabinet that is taking shape.

"In selecting nominees for his Cabinet and a new White House staff, President-elect Barack Obama has so far placed an admirable emphasis on proven competence over personal loyalty or political purity," the Washington Post editorial board wrote last week.

View pictures from today's press conference and read President-elect Obama's prepared remarks below.

Remarks of President-elect Barack Obama
Announcement of National Security Team
December 1st, 2008
Chicago, IL

Good morning. Last week, we announced our economic team, which is working as we speak to craft an Economic Recovery Program to create jobs and grow our struggling economy. Today, Vice President-elect Biden and I are pleased to announce our national security team.

The national security challenges we face are just as grave -- and just as urgent -- as our economic crisis. We are fighting two wars. Old conflicts remain unresolved, and newly assertive powers have put strains on the international system. The spread of nuclear weapons raises the peril that the world’s deadliest technology could fall into dangerous hands. Our dependence on foreign oil empowers authoritarian governments and endangers our planet.

America must also be strong at home to be strong abroad. We need to provide education and opportunity for our citizens, so every American can compete with anyone, anywhere. And our economic power must sustain our military strength, our diplomatic leverage, and our global leadership.

The common thread linking these challenges is the fundamental reality that in the 21st century, our destiny is shared with the world's. From our markets to our security; from our public health to our climate -- we must act with the understanding that, now more than ever, we have a stake in what happens across the globe. And as we learned so painfully on 9/11, terror cannot be contained by borders, nor safety provided by oceans alone.

Last week, we were reminded of this threat once again when terrorists took the lives of six American among nearly 200 victims in Mumbai. In the world we seek, there is no place for those who kill innocent civilians to advance hateful extremism. This weekend, I told Prime Minister Singh that Americans stand with the people of India in this dark time. And I am confident that India's great democracy is more resilient than killers who would tear it down.

And so, in this uncertain world, the time has come for a new beginning -- a new dawn of American leadership to overcome the challenges of the 21st century, and to seize the opportunities embedded in those challenges. We will strengthen our capacity to defeat our enemies and support our friends. We will renew old alliances and forge new and enduring partnerships. We will show the world once more that America is relentless in defense of our people, steady in advancing our interests, and committed to the ideals that shine as a beacon to the world: democracy and justice; opportunity and unyielding hope -- because American values are America’s greatest export to the world.

To succeed, we must pursue a new strategy that skillfully uses, balances, and integrates all elements of American power: our military and diplomacy; our intelligence and law enforcement; our economy and the power of our moral example. The team that we have assembled here today is uniquely suited to do just that.

In their past service and plans for the future, these men and women represent all of those elements of American power, and the very best of the American example. They have served in uniform and as diplomats; they have worked as legislators, law enforcement officials, and executives. They share my pragmatism about the use of power, and my sense of purpose about America's role as a leader in the world.

I have known Hillary Clinton as a friend, a colleague, a source of counsel, and as a campaign opponent. She possesses an extraordinary intelligence and toughness, and a remarkable work ethic. I am proud that she will be our next Secretary of State. She is an American of tremendous stature who will have my complete confidence; who knows many of the world's leaders; who will command respect in every capitol; and who will clearly have the ability to advance our interests around the world.

Hillary’s appointment is a sign to friend and foe of the seriousness of my commitment to renew American diplomacy and restore our alliances. There is much to do -- from preventing the spread of nuclear weapons to Iran and North Korea, to seeking a lasting peace between Israel and the Palestinians, to strengthening international institutions. I have no doubt that Hillary Clinton is the right person to lead our State Department, and to work with me in tackling this ambitious foreign policy agenda.

At a time when we face an unprecedented transition amidst two wars, I have asked Robert Gates to continue as Secretary of Defense, and I'm pleased that he's accepted. Two years ago, he took over the Pentagon at a difficult time. He restored accountability. He won the confidence of military commanders, and the trust of our brave men and women in uniform, and their families. He earned the respect of members of Congress on both sides of the aisle for his pragmatism and competence. He knows that we need a sustainable national security strategy -- and that includes a bipartisan consensus at home.

As I said throughout the campaign, I will be giving Secretary Gates and our military a new mission as soon as I take office: responsibly ending the war in Iraq through a successful transition to Iraqi control. We will also ensure that we have the strategy -- and resources -- to succeed against al Qaeda and the Taliban. As Bob said not too long ago, Afghanistan is where the war on terror began, and it is where it must end. And going forward, we will continue to make the investments necessary to strengthen our military and increase our ground forces to defeat the threats of the 21st century.

Eric Holder has the talent and commitment to succeed as Attorney General from his first day on the job, which is even more important in a transition that demands vigilance. He has distinguished himself as a prosecutor, a Judge, and a senior official, and he is deeply familiar with the law enforcement challenges we face– from terrorism to counter-intelligence; from white collar crime to public corruption.

Eric also has the combination of toughness and independence that we need at the Justice Department. Let me be clear: the Attorney General serves the American people. And I have every expectation that Eric will protect our people, uphold the public trust, and adhere to our Constitution.

Janet Napolitano offers the experience and executive skill that we need in the next Secretary of Homeland Security. She has spent her career protecting people -- as a US Attorney, an Attorney General, and as Governor of Arizona. She understands the need for a Department of Homeland Security that has the capacity to help prevent terrorist attacks and respond to catastrophe -- be it manmade or natural.

Janet assumes this critical role having learned the lessons -- some of them painful -- of the last several years, from 9/11 to Katrina. She insists on competence and accountability. She knows firsthand the need to have a partner in Washington that works well with state and local governments. She understands as well as anyone the danger of an unsecure border. And she will be a leader who can reform a sprawling Department while safeguarding our homeland.

Susan Rice will take on the crucial task of serving as Permanent Representative of the United States to the United Nations. Susan has been a close and trusted advisor. As in previous Administrations, the UN Ambassador will serve as a member of my cabinet and integral member of my team. Her background as a scholar, on the National Security Council, and Assistant Secretary of State will serve our nation well at the United Nations.

Susan knows that the global challenges we face demand global institutions that work. She shares my belief that the UN is an indispensable -- and imperfect -- forum. She will carry the message that our commitment to multilateral action must be coupled with a commitment to reform. We need the UN to be more effective as a venue for collective action -- against terror and proliferation; climate change and genocide; poverty and disease.

Finally, I am convinced that General James Jones is uniquely suited to be a strong and skilled National Security Advisor. Generations of Joneses have served heroically on the battlefield -- from the beaches of Tarawa in World War II, to Foxtrot Ridge in Vietnam. Jim's Silver Star is a proud part of that legacy. He will bring to the job the dual experience of serving in uniform and as a diplomat. He has commanded a platoon in battle, served as Supreme Allied Commander in a time of war, and worked on behalf of peace in the Middle East.

Jim is focused on the threats of today and the future. He understands the connection between energy and national security, and has worked on the frontlines of global instability – from Kosovo to northern Iraq to Afghanistan. He will advise me and work effectively to integrate our efforts across the government, so that we are effectively using all elements of American power to defeat unconventional threats and promote our values.

I am confident that this is the team that we need to make a new beginning for American national security. This morning, we met to discuss the situation in Mumbai and some of the challenges that we face in the months and years ahead. In the coming weeks, I will be in close contact with these advisors, who will be working with their counterparts in the Bush Administration to make sure that we are ready to hit the ground running on January 20. Given the range of threats that we face -- and the vulnerability that can be a part of every presidential transition -- I hope that we can proceed swiftly for those national security officials who demand confirmation.

We move forward with the humility that comes with knowing that there are brave men and women protecting us on the front lines. Troops serving their second, third, or fourth tours. Diplomats and intelligence officers in dangerous corners of the world. FBI agents in the field, cops on the beat, prosecutors in our courts, and cargo inspectors at our ports. These selfless Americans whose names are unknown to most of us will form the backbone of our effort. If we serve as well as they do, we will protect our country and promote our values.

And we move forward with respect for America's tradition of a bipartisan national security policy, and a commitment to national unity. When it comes to keeping our nation and our people safe, we are not Republicans and we are not Democrats: we are Americans. There is no monopoly of power or wisdom in either party. Together, as one nation, as one people, we can shape our times instead of being shaped by them. Together, we will meet the challenges of the 21st century not with fear, but with hope.

Now, before I take questions, I'd like to invite my team to say a few words, starting with my friend Hillary Clinton. Thank you.

Over this holiday week, many Americans have taken the time to reflect upon the role of service in their communities.

One theme runs throughout the stories and suggestions that were submitted: folks are fired up to take part in President-elect Obama's plans to increase and improve service opportunities across the country.

Kari from California wrote in to tell us about her service to education. She said:

"I've been serving my community as a high school teacher and director of a program for low-income, first-generation college-going high school students for seven years now. I believe in Barack Obama's mission of hope and change and a better country."

President-elect Obama has repeatedly said that his Administration will call on all Americans to serve others. Joan from Ohio wrote in to say that she is "thrilled to have our government ask me to do something." She said:

"At the most basic level, I think the world cannot evolve without individuals shouldering responsibility for change -- preferably united under strong leadership from government.

I'm a former human resources manager and communications consultant. I have volunteered tutoring in schools. I have worked on rebuilding projects in New Orleans. I have been a case worker and volunteer coordinator with the Red Cross. And I have worked with VITA (Volunteers in Tax Assistance) doing tax returns for low income and elderly folks. In other words: I'm not entirely picky about my service jobs."

Several seasoned volunteers offered stories from their own experience that included valuable advice for others interested in service. Suzannah from North Carolina wrote:

"I have spent over 30 years in human services and volunteered many hours in various projects. I think that there should be inter-agency collaboratives with a shared vision -- that there should be a search for best practices in volunteerism and a gold standard set. There should be ongoing assessment, and non-profit administrators should be given increased salaries, as should teachers. Examples of inter-agency collaboration could include, for instance: early intervention, family support, parenting classes, job training and housing."

Your stories of service help remind others of the big role ordinary Americans must play in creating the change we need for our country. Keep sending us stories about your service experiences here.

Today, American families are gathered to give thanks for the many blessings in their lives.

In a preview of his weekly address, President-elect Barack Obama urges Americans to acknowledge the blessings we all share over this Thanksgiving holiday.

While our nation is faced with tough economic times, President-elect Obama recognizes the value of service in rebuilding struggling communities across the country.

This Thanksgiving, President-elect Obama has asked the nation to celebrate this distinctly American tradition while looking forward to the future we share with hope and promise.

Watch the President-elect's Address now -- then send us your stories about the ways you or others you know serve your community:

Remarks of President-elect Barack Obama
Thursday, November 27th, 2008

Good morning.

Nearly 150 years ago, in one of the darkest years of our nation's history, President Abraham Lincoln set aside the last Thursday in November as a day of Thanksgiving. America was split by Civil War. But Lincoln said in his first Thanksgiving decree that difficult times made it even more appropriate for our blessings to be -- and I quote -- "gratefully acknowledged as with one heart and one voice by the whole American people."

This week, the American people came together with family and friends to carry on this distinctly American tradition. We gave thanks for loved ones and for our lasting pride in our communities and our country. We took comfort in good memories while looking forward to the promise of change.

But this Thanksgiving also takes place at a time of great trial for our people.

Across the country, there were empty seats at the table, as brave Americans continue to serve in harm’s way from the mountains of Afghanistan to the deserts of Iraq. We honor and give thanks for their sacrifice, and stand by the families who endure their absence with such dignity and resolve.

At home, we face an economic crisis of historic proportions. More and more Americans are worried about losing a job or making their mortgage payment. Workers are wondering if next month's paycheck will pay next month's bills. Retirees are watching their savings disappear, and students are struggling with the cost of tuition.

It's going to take bold and immediate action to confront this crisis. That's why I'm committed to forging a new beginning from the moment I take office as President of the United States. Earlier this week, I announced my economic team. This talented and dedicated group is already hard at work crafting an Economic Recovery Plan that will create or save 2.5 million new jobs, while making the investments we need to fuel long-term economic growth and stability.

But this Thanksgiving, we are reminded that the renewal of our economy won't come from policies and plans alone -- it will take the hard work, innovation, service, and strength of the American people.

I have seen this strength firsthand over many months -- in workers who are ready to power new industries, and farmers and scientists who can tap new sources of energy; in teachers who stay late after school, and parents who put in that extra hour reading to their kids; in young Americans enlisting in a time of war, seniors who volunteer their time, and service programs that bring hope to the hopeless.

It is a testament to our national character that so many Americans took time out this Thanksgiving to help feed the hungry and care for the needy. On Wednesday, I visited a food bank at Saint Columbanus Parish in Chicago. There -- as in so many communities across America -- folks pitched in time and resources to give a lift to their neighbors in need. It is this spirit that binds us together as one American family -- the belief that we rise and fall as one people; that we want that American Dream not just for ourselves, but for each other.

That's the spirit we must summon as we make a new beginning for our nation. Times are tough. There are difficult months ahead. But we can renew our nation the same way that we have in the many years since Lincoln's first Thanksgiving: by coming together to overcome adversity; by reaching for -- and working for -- new horizons of opportunity for all Americans.

So this weekend -- with one heart, and one voice, the American people can give thanks that a new and brighter day is yet to come.

Every day this week, President-elect Barack Obama has introduced new members of his economic team. Today it was Paul Volcker and Austan Goolsbee, who will lead the President's Economic Recovery Advisory Board.

Asked if the flurry of public activity was a response to the current Administration's handling of the current crisis, President-elect Obama said that his focus on the economy was about something much broader.

"No, I think what it speaks to is the frustration of eight years in which middle class wages have gone down, or in real terms their family incomes have been reduced," he said. "It expresses frustration about our inability to tackle some of the long term problems that we've been facing and have been talking about for decades, whether it's health care, energy, an education system that's been slipping behind in critical areas like math or science. And most of all, I think frustration with the incapacity of Washington to take bold, clear, decisive steps to deal with our economic problems."

For years President-elect Obama has fought not only for an overhaul of the regulations that govern Wall Street -- as his economic agenda states, "Barack Obama and Joe Biden believe that our deep systemic financial market crisis requires a systemic response" -- but for bold action in nearly every area of public policy.

The members of the economic team he announced this week clearly reflect these key principles. Each has the experience, ability, and will to enact bold change. Below we've put together some recent statements from each member of the team to give you an idea of where they're coming from on these key issues.

Timothy Geithner, Treasury Secretary-designate:
"Apart from the mix of incentives and constraints set by regulatory policy, the structure of the regulatory system in the United States needs substantial reform. Our current system has evolved into a confusing mix of diffused accountability, regulatory competition, an enormously complex web of rules that create perverse incentives and leave huge opportunities for arbitrage and evasion, and creates the risk of large gaps in our knowledge and authority. This crisis gives us the opportunity to bring about fundamental change in the direction of a more streamlined and consolidated system with more clarity around responsibility for the prudential safeguards in the system."
--Speech, 6/9/08, link

Larry Summers, Director-designate of the National Economic Council:
"I think the defining issue of our time is: Does the economic, social and political system work for the middle class?... Because the system’s viability, its staying power and its health depend on how well it works for the middle class."
--New York Times, 6/10/07, link

Christina Romer, Director-designate of the President's Council of Economic Advisors:
"Poverty is arguably the most pressing economic problem of our time. And because rising inequality, for a given level of income, leads to greater poverty, the distribution of income is also a central concern."
--Economic Review, 1/1/99, link

Melody C. Barnes, Director-designate of the Domestic Policy Council:
"To restore fairness to our system, I will embark on a multi-faceted approach including increasing our investment in public education, promoting genuine health care reform, and backing a higher minimum wage... Our economic security, our national security, our health, and the future of the global environment are fundamentally linked to the choices we make about energy."
--"What a Progressive President Might Say," Op-ed, Washington Post, 1/22/07, link

Peter Orszag, Director-designate of the White House Office of Management and Budget:
"While I’m on the topic of health care, I’d like to make a point related to the current turmoil in financial markets. Many observers have noted that addressing the problems in financial markets and the risks to the economy may displace health care reform on the policy agenda… Although it may not seem immediately relevant given our current difficulties, it will be crucial to address the nation's looming fiscal gap -- which is driven primarily by rising health care costs -- as the economy eventually recovers from this current downturn."
--CBO Director's Blog, 10/13/08, link

Paul Volcker, Chair of the Economic Recovery Advisory Board:
"The new system seemed to work effectively in fair financial weather, with great confidence in its efficiency and presumed benefits. However, I believe there is no escape from the conclusion that, faced with the kind of recurrent strains and pressures typical of free financial markets, the new system has failed the test of maintaining reasonable stability and fluidity... The critical pressures on our financial markets are not unique, nor can an approach to dealing with those pressures be successful in isolation. We have a lot upon which to build, and we should not miss the opportunity to extend the areas of cooperation."
--Testimony to the Joint Economic Committee, 5/14/08, link

Saying he wanted his two daughters "to learn the importance of how fortunate they are and make sure they are giving back," President-elect Obama and his family volunteered at a food pantry near their home on the South Side of Chicago this afternoon.

St. Columbanus Church, where President-elect Obama has volunteered before, feeds nearly 500 people a week. But he pointed out that times are particularly tough.

"The number of people who are getting food this year is up 33 percent," he said. "It gives a sense times are tough -- and I think that on Thanksgiving it's important for us to remember there's a need for support."

When a group of children appeared in the window of the church's school, President-elect Obama decided to visit the school's auditorium, where hundreds of the school's students quickly assembled.

See pictures from the event below.

President-elect Barack Obama today announced the establishment of the President's Economic Recovery Advisory Board and named economists Paul Volcker and Austan Goolsbee to lead it.

Watch video of the press conference and read the President-elect's prepared remarks below.

Good morning.

It has become increasingly clear in recent months that we are facing an economic crisis of historic proportions. At this defining moment for our nation, the old ways of thinking and acting just won't do. We are called to seek fresh thinking and bold new ideas from the leading minds across America. And as we chart a course to economic recovery, we must ensure that our government -- your government -- is held accountable for delivering results.

Today, I'm pleased to announce the formation of a new institution to help our economic team accomplish these goals: the President's Economic Recovery Advisory Board. This Board is modeled on the President's Foreign Intelligence Advisory Board created by President Eisenhower to provide rigorous analysis and vigorous oversight of our intelligence community by individuals outside of government -- individuals who would be candid and unsparing in their assessment. This new board will perform a similar function for my Administration as we formulate our economic policy.

The Board will be composed of distinguished individuals from diverse backgrounds outside of government -- from business, labor, academia and other areas – who will bring to bear their wisdom and expertise on the formulation, implementation and evaluation of my Administration's economic recovery plan. The Board will report regularly to me, Vice President-Elect Biden and our economic team as we seek to jump-start economic growth, create jobs, raise wages, address our housing crisis and stabilize our financial markets.

The reality is that sometimes policymaking in Washington can become too insular. The walls of the echo chamber can sometimes keep out fresh voices and new ways of thinking -- and those who serve in Washington don't always have a ground-level sense of which programs and policies are working for people, and which aren't. This board will provide that perspective to me and my Administration, with an infusion of ideas from across the country and from all sectors of our economy -- input that will be informed by members' first-hand observations of how our efforts are impacting the daily lives of our families.

I'm pleased to announce that this Board will be chaired by one of the world's foremost economic policy experts, a former Chairman of the Federal Reserve, and one of my most trusted advisors, Paul Volcker.

Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis. Paul has served under both Republicans and Democrats and is held in the highest esteem for his sound and independent judgment. He has a long and distinguished record of service to our nation, and I am pleased that he has answered the call to serve once again.

I am also happy to announce that Austan Goolsbee, another one of my key economic advisors, has agreed to serve as Staff Director and Chief Economist of the Economic Recovery Advisory Board and act as the primary liaison between the Board and the Administration. I also plan to nominate Austan to serve as one of the three members of my Council of Economic Advisers.

Austan is one of America's most promising economic minds, known for his path-breaking work on tax policy and industrial organization. He is one of the economic thinkers who has most shaped my own thinking on economic matters, and I look forward to continuing our close collaboration in the White House.

I plan to announce the remaining members of the Economic Recovery Advisory Board in the coming weeks, and I look forward to their contributions to our urgent work to rebuild our economy and restore prosperity across America.

Thank you, and I'm now happy to take questions.

Following President-elect Barack Obama's announcement today of two more members of his economic team, analysts and congressional leaders from both sides of the aisle are calling the selections "excellent."

The Washington Post calls Peter Orszag, Director-designate of the White House Office of Management and Budget (OMB), "widely respected for his work on how Americans receive medical care... Orszag has carved out a niche as a leading international thinker on health policy."

Rep. Paul Ryan (R-WI) applauded the choice of Orszag. "He has proven his mettle as one of our nation's leading expers on the federal budget," Ryan was quoted as saying in MSNBC's First Read. "He and I have enjoyed a strong, productive working relationship, and I have been particularly impressed with his understanding of the looming entitlement crisis, and the critical need for action."

Orszag is "an excellent choice," Sen. Judd Gregg (R-NH), ranking Republican on the senate Budget Committee, said in a statement.

Rob Nabors, staff director of the House Appropriations Committee, will be Deputy Directorof OMB. Rep. David Obey (D-WI), who currently chairs the committee, praised Nabors as someone whose "demeanor is very nice and very cool.

"He understands the House, he understands the committee, he understands the town, he understands the bureaucracy," Obey said. "And he doesn’t take any crap from anybody."

Watch the full video of this afternoon's press conference, including questions and answers, below:

Today we're trying out a new feature on our website that will allow us get instant feedback from you about our top priorities. We also hope it will allow you to form communities around these issues -- with the best ideas and most interesting discussions floating to the top.

Today you can join the discussion with our health care team members Dr. Dora Hughes and Lauren Aronson. They want to hear what worries you most about the health care system as it currently exists.

Thanks for taking the time to weigh in and share your story. We look forward to reading your responses!

Earlier this afternoon, President-elect Barack Obama held a press conference today to introduce the leading members of his economic team, including Melody C. Barnes, Director-designate of the Domestic Policy Council.

Barnes is currently co-director of the Agency Review Working Group for the Obama-Biden Transition Team, following a stint as the Senior Domestic Policy Advisor to Obama for America. She has also served as Executive Vice President for Policy at the Center for American Progress and as chief counsel to Senator Edward M. Kennedy on the Senate Judiciary Committee.

Directly following today's press conference, we were able to get a few minutes with Barnes to learn a little more about her, and hear what she thinks are the greatest challenges we face and her plans for taking them on.

Watch the video and submit your questions and ideas.

Words like "brilliant," "sharp," "energetic," and "visionary" are coming from across the political spectrum in praise for President-elect Barack Obama's choices to lead his economic team.

"These are the kind of people you want with their hand on the till in a storm," said Sen. Kent Conrad (D-ND), chairman of the Senate Banking Committee. "And we're in a Category 4."

"The right man for Treasury," the New York Post called Treasury Secretary-designate Timothy Geithner in a staff editorial.

"Geithner is widely respected as both sharp and energetic," the Post wrote. "Years ago, he warned of the lack of oversight of new security instruments, including some that wound up playing a role in stirring today's financial maelstrom....You couldn't ask for a better background for the job than his."

Praise has also been strong for Larry Summers, Director-designate of the National Economic Council.

"He is as visionary and insightful a thinker on economic affairs as there is in the United States and that's what we need now," Harvard professor of political economy Richard Zeckhauser told the Boston Globe.

Many, including analyists David Brooks, Ruth Marcus, and Fareed Zakaria, describe him simply as "brilliant." Kim Gandy, President of the National Organization for Women, vouched for his commitment to equality.

''[Summers] has written and spoken fairly extensively on the issue of women's wage inequality and the impact that has on the country," she said.

Christina Romer, currently a professor of economics at the University of California at Berkeley and now Director-designate of the President's Council of Economic Advisors, is widely respected as one of the nation's leading economic minds.

"I have great admiration for Christy Romer as a teacher and scholar," Harvard Economics Professor Gregory Mankiw said. A personal friend to Romer and her husband, Professor David Romer, Mankiw himself led the President's Council of Economic Advisers from 2003-05.

Of the team as a whole, Mankiw told the Wall Street Journal, "I think the Obama administration has so far put together a very impressive economic team."

Here's what some other sources had to say about the selections:

The Economist:
"Mr Geithner brings two crucial qualities. First, he represents continuity...he is now a familiar face to the most senior executives on Wall Street and to central bankers and finance ministers overseas. Second, he represents competence. He has spent more time on financial crises, from Mexico and Thailand to Brazil and Argentina, than probably any other policymaker in office today."

Sen. Richard Shelby (R-AL), ranking member on the Senate Banking Committee:
"I've worked with Tim Geithner. He's young. He's innovative. I believe he will be up to the challenge. He knows a lot about the economy and he knows a lot about problems. He has been involved in the bailout -- I don't think it's worked perfectly -- working with Secretary Paulson, but he is a breath of fresh air, so to speak. I think he will do well. I would try to work with him."

Larry Kudlow, host, CNBC's Kudlow and Company:
"Geithner is generally well regarded on Wall Street in his handling of the banking crisis. He's been the point man for both the Fed's Ben Bernanke and Bush Treasury man Paulson in their various rescue efforts to deal with the ongoing credit crisis....He is highly regarded by those who worked with him as a very smart, sharp, and insightful player. He has developed a strong working knowledge of markets and the economy as a central figure in the dramatic events of the past couple of years."

Brad Setser, fellow, Council on Foreign Relations; former Treasury official who worked briefly for Geithner both there and at the International Monetary Fund:
"I am thrilled that Mr. Geithner looks to be Obama's choice for Treasury Secretary. I am also pleased that President Obama also found a way to pull Dr. [Lawrence] Summers...into the administration. The current, severe crisis will provide plenty of work for both....I hope that the combination of Dr. Summers' intellectual creativity and Mr. Geithner's disciplined analysis and political acumen proves fruitful."

Paul Calello, CEO, Credit Suisse Investment Bank:
"I think Tim [Geithner] is a great choice for the job. He has the intellect, the experience and the ability to work across many constituencies that you need in that job. It's also important to note that Tim has both the domestic and international experience that is going to be very important going forward."

Jim Cramer, host, CNBC's Mad Money:
"I have read everything Summers has written since this crisis began, and it was prescient and constructive and smart as a whip."

National Journal (3/29/08):
"It's hard not to be impressed with their political achievements...Christina and [husband] David Romer...are well-known macroeconomists -- experts on the workings of the U.S. economy -- who jointly hold one of six spots on the academic committee of economists that decides when recessions begin and end."

Thomas J. Donohue, President and CEO, U.S. Chamber of Commerce:
"President-elect Obama has chosen a strong, experienced economic team. Restoring the nation's economic health must be our top priority and the Chamber stands ready to work with the new administration to spur growth and job creation. This team brings a wealth of knowledge to Washington and an understanding that any sustainable economic recovery will involve the business sector. Tim Geithner has a deep understanding of our capital markets and the experience and credibility to tackle our nation's biggest challenge -- restoring our economy and rebuilding our financial markets. He has been directly engaged in all the steps taken so far to address this unprecedented crisis and is well qualified to lead the Treasury Department. Larry Summers' knowledge of economic issues and past experience as Treasury secretary will serve President Obama well. Likewise, Christina Romer and Melody Barnes will bring an understanding that any sustainable economic recovery will involve the business sector."