The announcement of President-elect Barack ObamaBarack Hussein ObamaThe Hill's 12:30 Report: Washington mourns loss of Elijah Cummings Obama: Cummings showed us 'the importance of checks and balances' Like Obama, Trump finds Turkey's Erdogan is trouble MORE's new economic team won praise from both sides of the aisle Monday.

At a news conference in Chicago, Obama announced Timothy Geithner, chairman of the New York Federal Reserve Bank, as the incoming Treasury Secretary and Lawrence Summers, former Treasury Secretary, as director of the National Economic Council. He also tapped economics professor Christina Romer as director of the Council of Economic Advisers and former Democratic Senate aide Melody Barnes as director of the Domestic Policy Council.

Senate Majority Leader Harry ReidHarry Mason ReidTrump thanks Reid for warning Democrats not to underestimate him Reid warns Democrats not to underestimate Trump Harry Reid predicts Trump, unlike Clinton, won't become more popular because of impeachment MORE (D-Nev.) saluted the Obama's economic team as "visionary leaders" in a statement Monday.