Forget the vice-president; the second most important person in Barack Obama’s administration will be the Treasury secretary, a position that has yet to be filled. The appointee will have a staggeringly difficult task. There is no one person likely to have the perfect combination of policy experience and political weight. It is therefore crucial that the new secretary has the confidence of the president and can lead a high-calibre team.

The new Treasury secretary inherits a toxic legacy. He – and it appears most likely it will be a he – will need to take the lead in fighting the most serious financial crisis since the 1930s at the same time as managing an economy in recession saddled with a vast budget deficit.