President-elect Barack Obama has chosen Timothy Geithner to be his treasury secretary.
Geithner is president of the New York Federal Reserve Bank, and has been working with the Bush administration on ways to solve the credit crisis.
Obama says Geithner brings a "unique insight" into the failures of the markets, and the steps that need to be taken to fix them.
Obama today unveiled an economic team that also includes Lawrence Summers as head of the National Economic Council, making him Obama's chief economic adviser. Summers is a former Treasury secretary.
(Copyright 2008 by The Associated Press. All Rights Reserved.)