Tim Ryan, president and CEO of the Securities Industry and Financial Markets Association (SIFMA), today made the following statement after president-elect Obama announced his economic team.
“President elect Obama today tapped some of the most experienced financial officials in the world to help lead his economic team.
"As these months of financial turmoil have unfolded, his choice for Treasury Secretary, Tim Geithner, was in the room and part of the debate when many critical decisions were made. The New York Fed has been consulted on nearly every step, and has even taken the lead in many vital policy areas. The financial community had hoped for a smooth transition between administrations, and given Tim's familiarity with the current team and their thinking, his appointment all but guarantees that to be the case. Tim brings experience from both the Federal Reserve and the Treasury, in both domestic and global finance, having been involved in major policy decisions affecting the world from Mexico to Japan.
"Larry Summers is one of the most respected minds in the field of economics. He helped lead the world through a number of economic crises and his steady hand and sharp mind will benefit us all when he takes the helm of the National Economic Council.
"Their jobs will be difficult, but we look forward to working with them on the challenges ahead."