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Barack Obama will face his first brutal test of how well he is managing his 10-week White House transition period when the stock market reacts to his announcement of the next Treasury secretary – possibly as soon as Thursday.Obama insiders say they know the appointment – which appears to have narrowed down to a choice between Larry Summers, the former Clinton Treasury secretary, and Timothy Geithner, the chairman of the New York Fed – will be disproportionately critical in setting the tone for how well the remainder of the transition plays out.The choice, which could yet fall on a “dark horseâ€, such as Paul Volcker, the 81-year-old former Fed chairman, or even Jon Corzine, the former Goldman Sachs chief who is now governor of New Jersey, will also be minutely analysed for signs of the types of people Mr Obama will put into other posts.
most critical choice he's got. and it won't take long to see how the markets feel about it.
FROM THE OFFICE OF PUBLIC AFFAIRSNovember 12, 1999LS-241STATEMENT BY PRESIDENT BILL CLINTON AT THE SIGNING OF THE FINANCIAL MODERNIZATION BILLSEC. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With their help, I believe we have all found the right framework for America's future financial system.
PRESIDENT CLINTON: (Applause.) Thank you very much. Thank you. Thank you. Thank you, and good afternoon. I thank you all for coming to the formal ratification of a truly historic event. Senator Gramm and Senator Sarbanes have actually agreed on an important issue. (Laughter.) I -- MR. PODESTA (?): But I'm sitting in between them. (Laughter.)
PRESIDENT CLINTON: . . . Like all those before me, I want to express my gratitude to those principally responsible for the success of this legislation. I thank Secretary Summers and the entire team at Treasury, . . .
But I do want to thank all the members here and all those who aren't here and I'd like to thank two New Yorkers who aren't here who have been mentioned -- former Secretary of the Treasury Bob Rubin, who worked very hard on this, and former chairman, Senator Al D'Amato, who talked to me about this often.