The Senate has confirmed Jacob Lew as the next Secretary of the Treasury, succeeding Timothy Geithner.

Lew has served in the Obama administration most recently as White House Chief of Staff and previously as director of the Office of Management and Budget. In his new role, he will be the principal economic advisor to the President on domestic and international financial, economic, and tax issues, and will lead the Treasury in promoting a strong economy, fiscal sustainability and stability in the global financial system. Secretary Lew will also serve as chairman of the Financial Stability Oversight Council and the chairman of the boards and managing trustee of the Social Security and Medicare Trust Funds. 

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