Praise for Obama’s Economic Team

The announcement of President-elect Barack Obama’s new economic team won praise from both sides of the aisle Monday.

At a news conference in Chicago, Obama announced Timothy Geithner, chairman of the New York Federal Reserve Bank, as the incoming Treasury Secretary and Lawrence Summers, former Treasury Secretary, as director of the National Economic Council. He also tapped economics professor Christina Romer as director of the Council of Economic Advisers and former Democratic Senate aide Melody Barnes as director of the Domestic Policy Council.

Senate Majority Leader Harry Reid (D-Nev.) saluted the Obama’s economic team as “visionary leaders” in a statement Monday.