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President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.
On January 9, 2012, President Obama announced that Lew would replace William M. Daley as White House Chief of Staff. Lew's nomination was followed with criticism after renewed reports that he received over $900,000 in bonuses while working as COO of Citigroup, following the company's $45 billion in TARP rescue funds, after it saw $27.7 billion in loses, a 90% depletion in value.