Obama Selects Tim Geithner For Treasury; Could Pick Bill Richardson For Commerce

November 21, 2008 4:31 p.m. EST

New York, NY (AHN) - President-elect Barack Obama plans to nominate New York Fed President Tim Geithner for the role of Treasury Secretary. Geithner has been a career Treasury official and spent time under both Bob Rubin and Larry Summers.

Geithner has assisted current Treasury Secretary Hank Paulson deal with the ongoing financial crisis.

According to sources, Obama will also likely appoint New Mexico Governor Bill Richardson as Commerce Secretary.

The news sparked the markets which are now trading positive.