Jack Lew to be nominated treasury secretary today President Obama will announce the nomination of Jack Lew to be the next treasury secretary today at 1:30 p.m. ET at the White House. "Jack Lew will bring an impressive record of service in both the public and private sectors for over three decades and economic expertise to this important role, and his deep knowledge of domestic and international economic issues will enable him to take on the challenges facing our economy at home and abroad on day one," a White House official said in a statement. Throughout his career, Jack Lew has proven a successful and effective advocate for middle class families who can build bipartisan consensus to implement proven economic policies. If confirmed, Lew will replace Treasury Secretary Timothy Geithner, who is expected to step down next month. In the 1980s he was a senior adviser for former House Speaker Thomas "Tip" O'Neill, D-Mass., and worked with former President Reagan's White House on Social Security reform and tax reform. And betwen his Clinton and Obama administration stints, he worked in the private sector, including three years as a hedge fund manager for Citigroup. A source told CBS News chief White House correspondent Major Garrett that the White House doesn't expect a difficult confirmation process. However, Senate Budget Committee ranking member Sen. Jeff Sessions, R-Miss., spoke out strongly against Lew's nomination, citing remarks Lew made in 2011 saying the president's budget would not add to the national debt. Jack Lew must never be Secretary of Treasury. His testimony before the Senate Budget Committee less than two years ago was so outrageous and false that it alone disqualifies (him)," Sessions said in a statement on Wednesday.