HIGHLIGHTS: Geithner, Summers to head economic team

WASHINGTON (Reuters) - President-elect Barack Obama on Monday named New York Federal Reserve Bank President Timothy Geithner to be the next Treasury secretary.

He also named former Treasury Secretary Lawrence Summers to head the White House National Economic Council and Christina Romer, a professor at the University of California, Berkeley, to head his Council of Economic Advisers.

Following are highlights from a news conference Obama held where he made the announcements.

OBAMA ON KEEPING CREDIT FLOWING

"I spoke with President Bush today. I spoke with (Fed) Chairman Bernanke today ... We have to do whatever is required to keep the financial system working and capital flowing. That's not important just for the banks, its important for our entire economy."

"My commitment is to do what's required so that our financial system works and credit flows. President Bush has indicated that he has the same approach, the same attitude. A lot of authority has already been provided to the administration, to (Treasury) Secretary Paulson. Chairman Bernanke has authority as well, and we need to make sure that that authority is used forcefully in the coming weeks to stabilize the current situation."

"I will make further assessments about whether it is necessary to draw down additional TARP money as the administration and as the Treasury Secretary Paulson and (Fed Chairman) Bernanke provide me with more real time information."

"We are united in making sure that the financial system works and operates the way it needs to."

OBAMA ON AID FOR THE U.S. AUTO INDUSTRY

"The auto industry historically has been backbone of manufacturing base.

"We can't allow the auto industry simply to vanish. We've got to make sure that it is there and that the workers and suppliers and business that rely on auto industry stay in business. What I also have said is that we cannot just write a blank check to the auto industry. Taxpayers can't be expected to pony up more money for an auto industry that has been resistant to change. I was surprised that they did not have a better thought out proposal when they arrived in Congress. I think Congress did the right thing, which is to say that 'you guys need to come up with a plan and come back before you're getting any taxpayer money.' And my attitude is that we should help the auto industry but what we should expect is that any additional money we put into the auto industry, any help that we provide, is designed to assure a long term sustainable auto industry and not just kicking the can down the road."

"The auto industry needs to present us with some clarity in terms of the dollar figures they're talking about."

OBAMA ON TAX CUTS

"The Bush tax cuts were disproportionately targeted to the very wealthiest Americans ... It is important if we're going to help pay for some of these expenditures that are absolutely necessary to get our economy back on track that those who are able to pay a little bit more do so."

"Whether that is done through repeal or whether that is done because the Bush tax cuts are not renewed is something that my economic team will be providing me with a recommendation on."

OBAMA ON STIMULUS