CHICAGO ? President-elect Barack Obama Monday nominated New York Federal Reserve president Timothy Geithner to serve as his treasury secretary and oversee an ambitious plan to resuscitate the US economy.

Geithner, once confirmed by the Senate, will be joined in Obama's economic team by former Treasury chief Larry Summers as chief White House economic advisor, the president-elect told a press conference.

Obama, who takes office on Jan. 20, told a Chicago press conference, that rebuilding the world's largest economy was not going to be easy, and warned the road to recovery was going to be long.

"We'll need to bring together the best minds in America to guide us and that is what I've sought to do in assembling my economic team," Obama said.

"I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers; that in this country, we rise and fall as one nation, as one people."

Obama also named Christina Romer, as director of the Council of Economic Advisors, and Melody Barnes, as director of the Domestic Policy Council.

He hailed his team saying Geithner "has earned the confidence and respect of business, financial and community leaders."

"And as one of the great economic minds of our time, Larry has earned a global reputation for being able to cut to the heart of the most complex and novel policy challenges," Obama said.

Romer was "best known for her work on America's recovery from the Great Depression and the robust economic expansion that followed," Obama said.

And he praised Barnes for her work directing "a network of policy experts dedicated to finding solutions for struggling middle class families.