New York Federal Reserve President Timothy Geithner is "on track" to be offered the treasury secretary post, two sources close to the transition team said Friday.
Two sources also said Gov. Bill Richardson of New Mexico is a serious contender for commerce secretary, but that he could be tapped for another senior post.
Geithner has played a large role in the government's efforts to wrangle the credit crisis, which has damaged markets and economies worldwide. While a number of those efforts have been controversial, Geithner remains a well-regarded figure from Wall Street to Washington.
Geithner began working with the Treasury Department in 1988 in the International Affairs division.
In 1999 he became under secretary of the treasury for international affairs.
Geithner would be charged with restoring stability to the financial markets, the banking system and the housing sector through oversight of the controversial $700 billion financial rescue package, of which about half is still available for use at the discretion of the treasury secretary.
The Dow Jones industrial index staged a late rally after traders heard news of Geithner's possible appointment, rising by almost 500 points shortly before the market's closing time. Read more about Geithner and expectations for the Cabinet position
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