The Senate Finance Committee on Tuesday approved the nomination of Jack Lew to be President Barack Obama’s next Treasury secretary. Reuters

President Obama nominated Jacob J. Lew, currently White House chief of staff, on Thursday as the nation's 76th Treasury Secretary, succeeding Timothy F. Geithner.

Lew, 57, served as director of the Office of Management and Budget from 1998 to 2001, and also was the first deputy secretary of state for Management and Resources. His private sector experience includes working as managing director and chief operating officer of Citi Global Wealth Management.

His nomination had been widely expected and Senate confirmation is also expected to be successful.