Obama Taps Geithner to Lead Treasury, Richardson for Commerce Secretary

NEWYou can now listen to Fox News articles!

President-elect Barack Obama will announce the members of his economic team on Monday, FOX News has learned, including his picks for Treasury and Commerce secretaries.

Obama will nominate Tim Geithner, the president of the Federal Reserve Bank of New York, for Treasury Secretary, two Democratic sources told FOX News.

Geithner, 47, joined the Treasury in 1988 and has worked for five Secretaries of the Treasury in three administrations. He was Under Secretary of the Treasury for International Affairs from 1999 to 2001.

Obama will tap New Mexico Gov. Bill Richardson to be the next Commerce Secretary on Monday, Democratic sources say. Richardson, one time rival for the Democratic presidential nomination, was Bill Clinton's Energy Secretary and has been the U.S. Ambassador to the United Nations.

Sources also say that retired Marine Gen. James Jones is the leading candidate for National Security Advisor, but that decision is not yet firm.

Senator Hillary Clinton has decided to accept Obama's offer to be the next secretary of state, FOX News confirmed on Friday.

The New York Times reported she made the decision after discussing her potential role with the president elect.