Nov. 21 (Bloomberg) -- President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary, NBC News reported.

Geithner and the rest of Obama's economic team will be announced on Nov. 23, according to NBC, which didn't cite where it got the information.

The New York Fed chief is one of a number of candidates, along with former Treasury Secretary Lawrence Summers and former Fed Chairman Paul Volcker, cited this month as in the running by people close to the Obama camp.

Geithner has helped lead U.S. efforts to combat the deepest financial crisis in seven decades, helping oversee the decisions this year to intervene in American International Group Inc., rescue Bear Stearns Cos. and leave Lehman Brothers Holdings Inc. to fail.

Geithner, 47, is also a veteran of other crises from his time at the Treasury, where he served as an undersecretary for international affairs at the end of the Clinton administration.