President-elect Barack Obama has gone a long way to soothe the concerns his critics had during the campaign with the announcement of his new economic team, Republican Sen. Charles Grassley said.

“During the campaign, the kind of change that the President-elect promised was so undefined it made me nervous,” Grassley said in a press release. “Now that he’s appointing familiar faces from the Clinton administration to very high-level positions I’m less concerned.”

Grassley praised Tim Geithner, Larry Summers and Peter Orzag as a team that “bring a lot of federal government and financial sector experience to the table.”

“Tim Geithner is an insider as president of the Federal Reserve Bank in New York, and we could benefit from his knowledge in navigating the government’s effort to stabilize the financial system,” he said. “Larry Summers and Peter Orzag were part of the Clinton administration, where they saw up close how the tech bubble developed.”