CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Taxes Jobs Ask the Expert Money 101 Autos Mutual Funds The Help Desk Loan Center Best Places to Live Ask the Expert Ultimate Guide to Retirement Retirement Calculators Rules of Retirement Best Funds Best Places to Retire Fortune Brainstorm Tech Apple 2.0 Blog Big Tech Blog Sectors and Stocks Tech Talk Resource Guide Small Business Makeovers Questions & Answers Small Business Video 100 Best Places to Launch FSB 100 Fortune Small Business Fortune 500 Brainstorm Tech Investing Management C-Suite Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts

Treasury most important Obama pick - poll

CNN survey shows Americans believe the Secretary of the Treasury will be the most important cabinet member in the new administration.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By David Goldman, CNNMoney.com staff writer

What should Congress do for U.S. automakers?
  • Lend them money
  • Do nothing
  • Lend them money but kick out current execs

NEW YORK (CNNMoney.com) -- President-elect Barack Obama will continue to sign off on cabinet positions in the coming weeks, but the most important decision may be the cabinet member who signs our money.

According to a new CNN/Opinion Research Corp. poll, 41% of Americans believe the Secretary of the Treasury will be the Obama administration member who will matter most to the country's future. That compares to 25% who said the Secretary of State will be most important and 24% who said the Secretary of Defense will be the next president's most important cabinet decision.

The next Treasury secretary already has a lot of work cut out for him or her. The secretary will need to oversee the $700 billion financial rescue plan, deciding how best to use the remaining $350 billion not yet allotted. Detroit automakers say they are in desperate need of a bailout, and banks are still hesitant to lend to consumers and other financial institutions.

Current Treasury head Henry Paulson has said he will work closely with Obama's pick to ease the transition.

Several names have been floated as possible Obama picks by political experts and economists. New York Federal Reserve President Timothy Geithner and former Treasury Secretary Lawrence Summers are seen as the leading candidates for the position. Summers served as Treasury secretary under President Clinton, and Geithner was the Fed's point person on the rescue of Bear Stearns and American International Group (AIG, Fortune 500), as well as the failed talks to keep Lehman Brothers out of bankruptcy.

Other possible future Treasury secretaries include Federal Deposit Insurance Corp. Chairwoman Sheila Bair, former Treasury Secretary Robert Rubin, and New Jersey Gov. Jon Corzine. Corzine, like Paulson, is a former CEO of Goldman Sachs (GS, Fortune 500).

Whomever the president-elect picks, Americans believe that person will be a good fit for the position. Of the more than 1,200 people surveyed from Nov. 6-9, 77% said they are confident that Obama will make the right decisions when it comes to appointing people to his Cabinet.

Many had expected the Treasury position would be Obama's first staff pick. But nearly two weeks after the election, no cabinet position has yet been announced, and the president-elect's office would not give a timeline for a decision. Some analysts say Obama needs to make the crucial announcement sooner rather than later.

"The next Treasury secretary needs to start working immediately with Paulson," said Andrew Brenner, senior vice president of MF Global. "This is really pressing because of the uncertainty that lies ahead, and he just needs to make a decision." To top of page

Features
Markets Last Change
Dow Jones 10,520.10 53.66 / 0.51%
Nasdaq 2,285.69 16.05 / 0.71%
S&P 500 1,126.48 5.89 / 0.53%
10-year Bond 96 15/32 Yield: 3.80%
U.S.Dollar 1 euro = $1.439 0.002
December 24, 2009 12:00 AM ET
CompanyPrice% Change
YRC Worldwide Inc 1.01 6.23%
Freddie Mac 1.26 -3.82%
US Airways Group Inc 5.35 3.50%
Allegheny Technologies Inc 45.68 3.30%
Dec 24 12:43pm ET †
More Galleries
Biggest losers: Where Americans aren't moving Through most of the decade Florida was one of the fastest growing states. But the sunny clime -- and 6 others -- lost more residents than they gained in the year ended July 1. More
8 hot cars: Class of 2000 In just 10 years, the market's changed a lot when it comes to cars. Where are these models now? The Prius became a hit; the Aztek got killed. More
Obama's Main Street favorites President Obama meets often with small business owners, peppering his speeches with their stories. We checked in with 6 entrepreneurs touted by the President to find out how they handle health care. More
Sponsors

© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Advertising Practices.
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.