Obama to nominate Lew as Treasury secretary – source

US President Barack Obama touted to nominate Jack Lew as new Treasury Secretary.

United States President Barack Obama. Picture: AFP

WASHINGTON - US President Barack Obama will nominate White House chief of staff Jack Lew as his next Treasury secretary on Thursday.

Lew will be replacing Timothy Geithner, according to a source familiar with the matter.

Lew had been widely expected to be tapped for the role.

He has served as budget director for Obama and for former President Bill Clinton.