President Barack Obama has decided to nominate Jacob Lew, a central behind the scenes figure in the Clinton and Obama White Houses, to be the 76th US Treasury Secretary, elevating the White House chief of staff into the administration's most important economic post, a Democratic official familiar with the matter said.

Lew, if confirmed by the Senate, would break the mould of recent treasury chiefs, as he is known more for being a loyal democratic lieutenant and budget wonk rather than a financial market guru with broad contacts in the business world.