The Hill News

President Obama’s pick to helm the Office of Management and Budget won’t have trouble getting confirmed because of his time at bailed-out financial giant Citigroup, White House press secretary Robert Gibbs said Tuesday. 

Jacob Lew, currently an aide to Secretary of State Hillary Clinton, worked as managing director of Citigroup Alternative Investments. The unit oversees Citigroup’s involvement private equity and hedge funds. Democrats have expressed reservations about bank investments in hedge funds during the financial regulatory debate. 

Gibbs brushed aside any concern, highlighting Lew’s time as OMB director during the Clinton administration when the nation ran its last budget surplus. 

“Jack’s been through a vetting process before,” Gibbs said. “Yes, this is a different job. And let’s â€" I mean, understand Jack’s experience, I think, is relevant to the Office of Management and Budget. This is the only budget director that’s produced three balanced budgets in the history of the Office of Management and Budget.”

Lew received praise from Republican and Democratic senators after he was named as Peter Orszag’s replacement as budget director Tuesday. 

Senate Budget Committee ranking member Judd Gregg (R-N.H.) predicted he would be confirmed easily.