US senate panel approves Jacob Lew's nomination

US Senate Finance Committee on Tuesday approved Jacob Lew's nomination as the next Treasury Secretary. The committee approved Lew to head the US Treasury with the vote of 19-5, sending the nomination to the full Senate. If confirmed by the full Senate, Lew will become President Barack Obama's second Treasury Secretary replacing Timothy Geithner, who stepped down last month and played a key role in formulating US domestic and international economic policy for the past four years. Lew served in the Obama administration as deputy Secretary of State from 2009 to 2010, as director of the Office of Management and Budget from November 2010 to January 2012, and as White House Chief of Staff from January 2012.