WASHINGTON — President Obama has nominated White House Chief of Staff Jacob Lew to succeed Timothy Geithner as Treasury secretary.

Lew, who is known for his budget expertise, was widely expected to get the nod ahead of Thursday's official announcement. He's worked in a variety of government positions, including serving as director of the Office of Management and Budget under Obama and President Bill Clinton. In sharp contrast to his recent predecessors, Lew has not had much of a presence in the financial services industry, though he spent several years as an executive at Citigroup during the Bush administration.

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