Bush Picks Alcoa Exec As Treasury Secretary
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AUSTIN, Texas (Reuters) - President-elect George W. Bush chose Alcoa
Chairman Paul O'Neill Wednesday to be his treasury secretary, saying the
executive shared his commitment to tax relief for an economy that may be
heading for a fall.
``Our economy is showing warning signs of a possible slowdown,'' Bush told a
news conference in Austin, Texas, with the gray-haired O'Neill, a former
senior official at the Office of Management and Budget, standing at his
side.
``And so it's incredibly important to me to find somebody who had vast
experience, who has a steady hand, who when he speaks with authority and
conviction and knowledge,'' Bush added. ``I have found such a man in Paul
O'Neill.''
``We must work to keep our economy strong. That's why we share a commitment
to fair and responsible tax relief and a strong commitment to making sure
there is free trade,'' he added. ``I look forward to having this good man by
my side.''
Some financial analysts saw O'Neill, who is 65, as lacking the credibility
of market wizard Robert Rubin, who was treasury secretary under President
Clinton.
Bush said he expected the smart money on Wall Street to see the merits of
O'Neill, who himself stressed that he had a long-standing friendship with
Federal Reserve Chairman Alan Greenspan and shared many views with the
central bank chief.
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