If confirmed by the Senate, Timothy Geithner, 47, president of the New York Federal Reserve, would be the top Cabinet official in charge of leading the administration's response to the global economic crisis. Word of his likely selection on Friday helped send the Dow Jones Industrials soaring 500 points after several days of steep losses.

Obama also will name Lawrence Summers, a treasury secretary under former President Bill Clinton and the former president of Harvard University, to coordinate the federal response to the economic meltdown across several agencies, transition officials said.

Geithner and Summers were scheduled to appear with Obama at a press conference in Chicago on Monday morning.

As director of the National Economic Council, Summers would help shepherd Obama's new recovery plan, which aims to create millions of new jobs by January 2011. Obama wants Congress to approve it quickly so he can sign it shortly after his inauguration.

``These aren't just steps to pull ourselves out of this immediate crisis; these are the long-term investments in our economic future that have been ignored for far too long,'' Obama said in the weekly Democratic radio address on Saturday.