New US Treasury chief named

Jack Lew, the White House chief of staff, is expected to be named the new Treasury Secretary by President Barack Obama tomorrow, replacing Tim Geithner, who is likely to depart by the end of the month.

The appointment, widely expected in the wake of Mr Geithner’s decision to step down from the job he has held since Mr Obama entered office in 2009, will put Mr Lew at the centre of the debate on raising the federal debt ceiling.

Mr Lew was named chief of staff after the departure of Bill Daley in early 2012.