Obama begins second-term makeover of his economic team

[Geee]

The Hill:

President Obama’s economic team began its second-term makeover on Monday when Mary Schapiro announced she’ll step down as chairwoman of the Securities and Exchange Commission (SEC) on Dec. 14.

Schapiro’s exit marks the departure of a top Obama financial deputy who played an integral role in steering the financial system following the meltdown of 2008, and begins what is expected to be a significant shake-up of the president’s economic team.

 

The White House has said Treasury Secretary Timothy Geithner will leave the administration near the date of Obama’s inauguration on Jan. 20. Geithner is now leading the administration’s efforts to reach a deal with Congress intended to prevent the host of spending cuts and tax hikes known as the “fiscal cliff.”

White House Chief of Staff Jack Lew might replace Geithner, which would create a new opening. Ron Kirk, the United States Trade Representative, is also widely expected to leave, while Obama must nominate permanent leaders of his Commerce Department and Office of Management and Budget.