Jack Lew Confirmed as Treasury Secretary ... Well, After He Signs

"Mr. Lew is a great master (of the budget process). He's as experienced as Hillary Clinton and as creative as his signature." 

Not too long after Hagel's appointment was confirmed, the Senate has voted to approve Jack Lew as President Barack Obama's new Treasury Secretary. In a less nail-biting finish, the majority of senators, including all the Democrats, supported Lew in a 71-26 vote. While there was some Republican complaints over Lew's connections to big banks after he left New York University to work at Citigroup Inc. (especially regarding his approximately $1 million bonus) as well as his signature, the former Office of Management and Budget Chief and Chief of Staff pulled through without too much of a struggle.

Of course, now that Lew has been appointed, he has the happy job of having to land smack in the middle of the current budget crisis. One of Lew's priorities is to find a compromise that will prevent any serious reprecussions from $85 billion spending cuts that will take effect the beginning of Friday. Hopefully his experience will allow him to perform competently as Tim Geithner's replacement. However, this humorous Salt Lake Tribune writer thinks differently. Rick Lowry sarcastically claims that "at Citi, Lew established beyond a doubt his expertise at getting paid. In 2008, as the bank nearly blew up and laid off one-seventh of its employees, Lew ran its disastrous Alternative Investments unit - and got paid $1.1 million." Also, during the 2011 debt ceiling talks, he and his team were the ones who helped create the original idea for the cuts, but they weren't taken too seriously at the time.

Thankfully, President Obama seems confident in this appointment. Politico quotes Obama as saying that "As my chief of staff, Jack was by my side as we confronted our nation's toughest challenges... His reputation as a master of fiscal issues who can work with leaders on both sides of the aisle has already helped him succeed in some of the toughest jobs in Washington." Senator Orrin Hatch, the top Republican party member on the Senate Finance Committee, stated before the vote that "I intend to vote in favor of Mr. Lew's nomination and obviously my vote in favor of Mr. Lew comes with no small amount of reservation." Whether or not that comment means anything depend on your interpretation. However, at least the seat of Secretary Treasury is filled when we need it most.

I personally believe that Jack Lew's experience working under both President Obama and Clinton should indicate that he will make a capable Treasury Secretary. It is worth noting that he became Treasury Secretary without as much trouble as Chuck Hagel or his predecessor had in their final vote counts. But what's your opinion on Lew? Will Lew be able to handle his new job? Can he get enough bipartisan support for any policies he might have in mind? Does he read The Wealth of Nations in his bedroom? Comment as you see fit.

If you want to watch Lew's nomination, watch this video.