The president-elect made it clear that Larry Summers, former Treasury secretary in the Clinton administration, would also play a central role in his administration as director of the National Economic Council, describing him as “one of the great economic minds of our time”.
“I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas,” he told a press conference in Chicago, surrounded by his new economic team.
Mr Obama gave no new details of the wide-ranging economic rescue plan he proposed at the weekend but said it would be “of a size and scope that is necessary to get this economy back on track”.
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