Chicago - President-elect Barack Obama on Monday nominated New York Federal Reserve president Timothy Geithner to serve as his Treasury secretary and oversee an ambitious plan to resuscitate the US economy.

Geithner, once confirmed by the Senate, will be joined in Obama's economic team by former Treasury chief Larry Summers as chief White House economic advisor, according to a statement from the president-elect.

"Vice president-elect (Joseph) Biden and I have assembled an economic team with the vision and expertise to stabilise our economy, create jobs, and get America back on track," Obama said.

"Even as we face great economic challenges, we know that great opportunity is at hand - if we act swiftly and boldly. That's the mission our economic team will take on," he said.

- AFP