UPDATE 1-Obama to unveil economic team on Monday
WASHINGTON, Nov 23 (Reuters) - U.S. President-elect Barack Obama will announce the members of his economic team at a news conference in Chicago at 11 a.m. CST (1700 GMT) Monday, his transition office said.
Obama plans to name Timothy Geithner, president of the New York Federal Reserve, as his Treasury secretary, and former Treasury Secretary Lawrence Summers as the director of the White House National Economic Council, a transition aide has told Reuters.
A main part of Geithner's portfolio will be managing the $700 billion bailout for the troubled financial industry.
Geithner, 47, was a point person on the international economy at Treasury during the Clinton administration, where he worked closely with Summers.
The 53-year-old Summers, who gained Obama's trust by helping guide his response to the financial meltdown during the campaign, will play a broad role in shaping policy and coordinating among other economic advisers.
The two will lead the Obama's administration's efforts to rescue the slumping economy and stem the worst financial crisis in more than 70 years.
The picks come after Obama has announced he is crafting a very large stimulus package to include middle-class tax cuts and spending on public works programs, such as the building of roads, bridges and mass transit projects.
Peter Orszag, a former Clinton administration economic aide, is expected to be tapped by Obama as the White House budget director. Orszag has been director of the Congressional Budget Office since January 2007.
University of Chicago economist Austan Goolsbee, a longtime adviser to Obama, has been discussed as a leading contender for the White House Council of Economic Advisers.
Jason Furman, Obama's top economic policy coordinator during the presidential campaign, is likely to get a senior role, probably as the No. 2 official at the National Economic Council.
U.S. media have widely reported that New Mexico Gov. Bill Richardson would be nominated as commerce secretary.
(Reporting by Caren Bohan; Editing by Patricia Zengerle)
