I think the last Secretary of the Treasury who had never been either a banker or a CEO/President (before Tim Geithner) was James Baker. Before Baker, you have to go back to John Connally (the guy in the car with Jackie and JFK). Feel free to look up all the bios of all the Treasury secretaries who have served this country in its entire history. I’m not an expert on this history and I don’t know a lot about most of them.
I do know, however, that it’s been pretty much a requirement that anyone serving as the Secretary of Treasury have experience either in the financial services industry or as the head of a large corporation. Geithner slid by that requirement because being head of the New York Federal Reserve was close enough.
Jack Lew had a year and a half stint at CitiGroup, which hardly qualifies him as an experienced banker, but does check the box.
I’m not wedded to the idea that the Treasury Department should be run by CEOs and bankers instead of economists or progressive reformers, but I do find it tiresome when people act like Jack Lew is just more of the same. He’s actually quite a bit different. Geithner was a complete creature of Wall Street. Baker and Connelly really owed their positions to being the patrons of more powerful politicians: Connelly (LBJ) and Baker (Poppy Bush). Jack Lew isn’t anyone’s wingman. He barely got his feet wet on Wall Street. He’s a wonk. You might call him an expert.
It’s not like I am excited about Jack Lew for Treasury. But he doesn’t fit the mold.
