United States President, Barack Obama, will name White House Chief of Staff Jack Lew to lead the US treasury department, officials say.
He will replace outgoing Treasury Secretary Timothy Geithner.
Lew, 57, has been Obama’s budget director, has supervised international economic issues at the state department, and worked on Wall Street.
He is the fourth senior official to be nominated in recent weeks as Obama fills his second term administration.
Also on Wednesday, Secretary of Labor Hilda Solis announced she would resign. The news comes amid a major reshuffle of Obama’s cabinet.
Attorney General Eric Holder, Health Secretary Kathleen Sebelius and Veterans Affairs Secretary Eric Shinseki will stay on as the second term begins, a White House official told US media.
If confirmed by the Senate, Lew will take up his post amid tense negotiations between the White House and congressional Republicans.
Debates are brewing over the government’s borrowing authority, known as the debt ceiling, as well as government spending cuts, and other fiscal matters.
On Monday, Obama nominated former Republican Senator Chuck Hagel to replace Leon Panetta as Secretary of Defense and picked White House counter-terrorism adviser John Brennan to be the next director of the CIA.
Last month, he announced Massachusetts Senator John Kerry would be the next candidate for secretary of state, replacing Hillary Clinton.