Joe Oliver to replace Jim Flaherty as finance minister

Natural Resources Minister Joe Oliver will become the federal government'snew finance minister, replacing Jim Flaherty who announced his resignation earlier on Tuesday, CBC News has learned.

Oliver will be named finance minister on Wednesday in Ottawa.

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The Toronto MP is a relative newcomer to politics, having been elected in 2011. But he was quickly promotedinto cabinet, taking over the natural resources ministry, which included the important Keystone pipeline file.

Oliver maybe a compatible choice for Bay Street, whichseeks continuity and stability. Oliverspent most of his career as an investment banker at Merrill Lynch and, at one time, was president and chief executive officer of the Investment Dealers Association of Canada.

He was also executive director of the Ontario Securities Commission.

His schooling includes an MBA from theHarvard Graduate School of Business and aBachelor of Arts and Bachelor of Civil Law at McGill University.

Oliver, who is fluently bilingual, will become Harper's second finance ministerFlaherty having held the position since the Tories came into power. In a statement, Flaherty said he wasresigningfrom cabinet to prepare for work in the private sector.

Oliver, who at the age of 73 has no leadership aspirations,could also be considered a safe choice, as the position would certainly improve the chances of a potential candidate to eventually replace the prime minister.

Oliver will also be positioned to deliver abalanced budget, which is expected next year.