Obama Announces Economic Team

President-elect Barack Obama announced his Treasury Secretary and other key members of his economic team during a news conference in Chicago on Monday.

Timothy Geithner, the chairman of the New York Federal Reserve Bank, will head the Treasury Department. Former Treasury Secretary Lawrence Summers will serve as director of the National Economic Council. Christina Romer, an economics professor at the University of California, Berkeley, will become the director of the Council of Economic Advisers. And Melody Barnes, a former aide to Sen. Edward Kennedy (D-Mass.), will be director of the Domestic Policy Council.

During remarks at the news conference, Obama said that news of more troubles for Citigroup makes it clear that “we are facing an economic crisis of historic proportions.” He called for an economic plan for “creating and saving” 2.5 million jobs.

Read his prepared remarks after the jump.

Good morning.

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