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Obama calls on Senate to confirm Treasury nominee Lew

US President Barack Obama announces his choice of Jack Lew (R) as the next Treasury Secretary in the East Room of the White House on January 10, 2013 in Washington, DC.

President Barack Obama formally picked Jack Lew as his new Treasury secretary Thursday and called on the Senate to confirm him as quickly as possible, so he can press on with the work of reviving the economy.

"I trust his judgment. I value his friendship," Obama said at a White House event with Lew, who currently serves as his White House chief of staff and will replace Treasury Secretary Timothy Geithner if his nomination is confirmed.