Tim Geithner, Obama's Treasury Secretary

HuffPost's Sam Stein reports: Barack Obama will name his Treasury Secretary on Monday, a Democratic source confirms to the Huffington Post. NBC News and other outlets report that Tim Geithner will get the nod over former Treasury Secretary Larry Summers. Geithner is currently the president of the Federal Reserve and once served in the Treasury Department under Summers.

Part of the reason Obama is making the announcement so soon is the market disarray in recent days. The public roll-out of an economic team could calm those waters.

Another Democrat, however, told the Huffington Post that there is a growing recognition within the Obama circle that they need to be more assertive in the transition period about their personnel and goals for governance. There is some concern that the economic situation will grow so poor under the remaining months of the Bush administration that Obama will be left with nearly insurmountable economic tasks.

More details from NBC:

Geithner has been a key player in the current economic crisis -- helping Treasury Secretary Hank Paulson and his team manage the wall street bailout.

Former Treasury Secretary Summers -- also considered for the post -- might still play a major future role in the Obama administration, according to sources. Summers came under fire from women's groups because of controversial comments he made about gender issues while President of Harvard, but sources say the decision to choose Geithner had more to do with Obama's interest in "change" and getting someone new on the team.

Also expected Monday -- an announcement that former U.N. Ambassador and Energy Secretary in the Clinton administration, New Mexico Governor Bill Richardson, will be Commerce Secretary.

Paul Volcker is expected to play a continuing advisory role -- not clear if he would have an appointed position.

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