Business

Jacob Lew nomination moves to Senate

WASHINGTON — The Senate Finance Committee on Tuesday approved President Obama’s choice of Jacob Lew to be Treasury secretary and sent the nomination to the full Senate.

Lew would succeed Timothy Geithner, who completed a tumultuous four-year term in which he helped lead the administration’s response to the financial crisis and recession.

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The timing of a Senate vote is unclear.

During a three-hour confirmation hearing Feb. 13, the sharpest questions came from Republicans who pressed Lew about his tenure at Citigroup, where he was a top executive from 2006 until early 2009, a period covering the height of the financial crisis.

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Lew, 57, most recently was Obama’s chief of staff. During his confirmation hearing, Lew signaled no major economic policy changes. He advocated a balanced approach to reducing the long-term budget deficit through spending cuts and additional tax revenue.

Associated Press

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