RAW VIDEO: Obama Nominates Jack Lew to Lead Treasury

Updated: 01/10/2013 1:34 PM KSTP.com By: Cassie Hart

President Barack Obama announces his nomination for Treasury secretary is Jack Lew.

The President points to Lew's past work of balancing budgets during the Clinton administration.

The president says he feels "bittersweet" about losing Lew as his White House chief of staff but says "my loss will be the nation's gain."

Watch the video here.