Obama names new deputy treasury secretary

President Barack Obama has offered under-staffed Treasury Secretary Tim Geithner some relief, nominating Clinton-era veterans as his deputy and top advisor for global finance policy.

Obama named Neal Wolin as Deputy Treasury Secretary and Lael Brainard as under secretary of the treasury for international affairs, as he attempts to fill out the roster of the under-pressure department amid the economic crisis.

Both appointments require Senate confirmation.

He also said Stuart Levey would remain as under secretary for terrorism and financial intelligence, a post he had held in the former administration of president George W. Bush since 2004.

"I am grateful for the service of these dedicated and talented individuals and have the highest confidence that, under the leadership of Secretary Geithner, they will serve the American people well as we tackle the challenges ahead of us," the president said in a statement.

Critics of the Obama administration have claimed that it has moved too slowly to fill senior spots in the Treasury as it battles almost unprecedented pressures during the worst financial crisis in generations.

There were also reports that several candidates for top jobs decided to withdraw their names from the Senate confirmation process, or fell foul of stringent ethics requirements posed by the administration.

Obama has in the past few days made repeated statements of his support for Geithner, who has been accused by some critics of lacking the political skills to sell the president's recovery policies.

"There has never been a Secretary of the Treasury, except maybe Alexander Hamilton, right after the Revolutionary War, who's had to deal with the multiplicity of issues that Secretary Geithner is having to deal with -- all at the same time," Obama said last week.

Wolin served as General Counsel at the Treasury Department from 1999-2001, and as deputy general counsel from 1995-1999. He also served former president Bill Clinton as a special assistnat toe the national security advisor.

Brainard, a senior scholar at the Brookings Institution think-tank in Washington, also worked for Clinton, as deputy assitant to the president for international economics.

She was a key player in US responses to the Asian financial crisis and China's emergence as a global economic power and served as the US "sherpa" official to the Group of Eight nations.

Levey was the first person to hold the post of under secretary for terrorism and financial intelligence and does not require Senate reconfirmation.

He is responsible for leading the Treasury Departments efforts to halt financial support to international terrorists, proliferators of weapons of mass destruction and narcotics traffickers.

Senate Finance Committee Chairman Max Baucus praised the president's picks. "These are good candidates with strong qualifications to address the challenges this country faces," he said.

"Stuart Levey has a proven track record working to eliminate financing that supports terrorist activities and I'm pleased he will remain part of the president's team.

Baucus added: "These candidates all bring energy, experience, and global leadership to the table. I'm confident their contributions will be valuable to restoring the nation's economy.