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January 10, 2012

William Daley Resigns As White House Chief of Staff 
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In a major shakeup inside the Obama administration, White House chief of
staff William Daley announced his resignation Monday just over a year
after taking the position. He will be replaced by Jack Lew, head of the
Office of Management and Budget. President Obama praised Jack Lew's
public service.

President Obama: "Jack's economic advice has been invaluable and he has
my complete trust. Both because of his mastery of the numbers, but
because of the values behind those numbers, ever since he began his
career in public service as a top aide to Speaker Tip O'Neil, Jack has
fought an America were hard work and responsibility pay off. A place
where everybody gets a fair shot, everybody does their fair share, and
everybody plays by the same rules. And that belief is reflected in every
decision that Jack makes."

After serving as budget director in the Clinton administration, Lew
became chief operating officer of Citigroup Alternative Investments in
2008. The Progressive Change Campaign Committee criticized Obama for
selecting Lew because his unit at Citigroup heavily invested in a hedge
fund that bet on the housing market to collapse.



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