Obama's Economic Transition Team Takes Shape

(bettertrades) - President-elect Barack Obama formally announced his nominations for key posts, including Tim Geithner as Treasury secretary, Larry Summers as National Economic Council chief, and Christina Romer as chair of the President's Council of Economic Advisers.

Uncertainty towards transition of administering the TARP, in addition to management of historic changes in the financial landscape, had been plaguing the equity markets. In keeping with the trend, the Dow trimmed some of its 300 point advance upon hearing details of Obama's economic plan.

Geithner currently serves as president of the New York Fed in addition to the role of Vice Chairman of the Federal Open Market Committee. Geithner played an integral role in the March 2008 bailout of Bear Stearns.

Summers served as Secretary of the Treasury during the Clinton administration and is currently the Charles W. Eliot University Professor at Harvard's Kennedy School of Government.