Paulson, Baucus Weigh In On Geithner

The current Treasury Secretary Henry Paulson gives the president-elect a big thumbs up on his picking his successor.

"I have the highest regard for Tim – his judgment and creativity have been critical to designing and implementing the necessary actions we've taken to protect and strengthen our financial system. I have great confidence in his understanding of markets, his judgment and leadership, and his ability to meet the challenges that lie ahead," Paulson said in a statement.

More important for Geithner -- and team Obama -- was the praise heaped on the pick by Sen. Max Baucus (D-Mont.), who as chairman of the Senate Finance Committee, will be overseeing Geithner's confirmation hearing.

"Tim Geithner has the expertise and the qualifications to meet the seriousness of this moment, and the experience in tough times, like the Asian financial crisis, to build an economic recovery team that will get the results Americans need. The selection of Tim Geithner, as well as the naming of Larry Summers to head the National Economic Council, shows the depth of President-Elect Obama’s commitment to tackling the economic crisis head-on, and to successfully restoring America’s economy," Bacus said in a statement.