The Obama transition team has settled on a treasury secretary nominee, NBC reports: Timothy Geithner, the president of the New York Fed. The announcement is expected to come Monday, when the president-elect will announce his entire economic team in an attempt to quell the unrest surrounding the financial markets. Geithner beat out his former boss Larry Summers, who may yet figure into the new administration's plans, perhaps as Fed chairman, Reuters reports.
Meanwhile, Bill Richardson—whose chances to serve as secretary of state evaporated when Hillary Clinton reportedly accepted that gig—is a "serious contender" to take over the Commerce Department, the Washington Post reports. Another prominent Hispanic, Arizona congressman Raul Grijalva, is in the running to be secretary of the interior, a post that usually goes to a Westerner, Politico reports.