Bush names Friedman
top economic adviser
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WASHINGTON (AP)
['resident Bush, rejecting protests
{rom supply-side conservatives,
tamed Wall Street investment
fanker Stephen Friedman on
fTiursday to head his National
economic Council, completing
top selections for his
[evamped economic team.
Friedman will replace
.awrence Lindsey, who was
lusted last week along with
Treasury Secretary Paul O'Neill
/hen Bush decided he needed a
Jtronger team to deal with the
flackluster economy and sell
Tongress on a new round of tax
tilts.
Friedman headed the giant
fall Street investment bank of
ioldman Sachs until 1994. Bush
jraised him as an “innovative
Economic thinker” who would
lelpthe administration promote a
lew “growth and jobs package”
|o Congress.
I While Bush’s choice of rail-
load executive John W. Snow as
feis nominee for Treasury secre-
|ary had elicited widespread
jraise, his pick of Friedman
Itirred strong opposition among
lonservative Republicans who
leared that he would not be a
[trong supporter of further tax
cuts.
Bush selected Friedman last
veek, but his appointment was
lelayed because of questions
|ibout his health and to give White
louse lawyers time to review his
luge investment portfolio.
Conservatives used the delay to
fry to get Bush to reconsider.
Supply siders, who came to
imminence with Ronald Reagan
In the early 1980s, believe that
lax cuts can lead to more govem-
nent revenue by spurring
Increased economic activity.
I Seeking to allay conservative
Concerns, Friedman said during a
IbriefWhite House announcement
[ceremony that he was committed
to pushing a new stimulus pack
age expected to total as much as
$300 billion in new tax cuts over
the next decade.
u
If growing the
economy is the major
goal then Friedman’s
going to do a great job
getting us there.
— Stephen Case
Attorney, Davis Polk and
Wardwell
“I strongly share your convic
tion, sir, that now is the time for a
robust growth and jobs policy,”
Friedman told Bush.
Friedman, 64, was co-chair of
the giant Wall Street investment
bank of Goldman Sachs from
1990 to 1994. Friedman, a
Republican, shared those posts
with Democrat Robert Rubin
until Rubin left the firm in 1992
to join the Clinton administration,
first in the same position
Friedman will now hold and then
as President Clinton’s second
Treasury secretary.
Bush also this week
announced that he was nominat
ing William H. Donaldson, co
founder of the Wall Street invest
ment firm of Donaldson, Lufkin
& Jenrette and a longtime Bush
family friend, to become chair
man of the Securities and
Exchange Commission.
Donaldson would replace SEC
Chairman Harvey Pitt, who
announced his resignation last
month after coming under fire for
his handling of a wave of corpo
rate accounting scandals.
Snow, currently head of CSC
Corp., and Donaldson need
NEWS IN BRIEF
Senate confirmation. Friedman’s
position does not require Senate
approval.
While the Dow Jones industri
al average fell 50.74 points
Thursday on profit-taking. Wall
Street generally had a positive
reaction to Bush’s choice of
Friedman, who was seen as pro
viding the administration with
something the old team lacked —
a savvy investment pro with close
ties to the financial markets.
“If growing the economy is
the major goal then Friedman’s
going to do a great job at getting
us there,” said Stephen Case, a
partner in the New York law firm
of Davis Polk and Wardwell.
Conservatives, however, had
a more mixed reaction.
Tom Giovanetti, president
of the Institute for Policy
Innovation of Dallas, a
research group that advocates
lower taxes, called Friedman a
“disappointing choice.”
“The White House spin is
that Mr. Friedman is not there
to set policy but to sell it,”
Giovanetti said. “But we have
to question how well someone
can sell something that they
don’t believe in.”
Bush’s biggest economic
achievement since taking office
was congressional passage last
year of a $1.35 trillion, 10-year
tax cut, which Democrats
blame for bringing back large
budget deficits following four
years of budget surpluses.
Republicans blame the
return of budget deficits on last
year’s recession which they say
would have been even more
severe without the tax cuts.
The president has said he
will push Congress next year to
make the 10-year tax cuts per
manent and provide additional
tax relief to jump-start the
weak growth.
NASA to send teacher to
international space station
BALTIMORE (AP) — NASA will send teacher-
stronaut Barbara Morgan into space next year to
'arry on the educational mission of Christa
IVIcAuliffe, the teacher killed in the 1986
Challenger disaster.
NASA announced earlier this year that Morgan
would fly on the space shuttle in 2004, but
Administrator Sean O'Keefe said Thursday that
20 &2 M° r gan was now scheduled for a flight in
November 2003 to the international space station.
Education has always been a part of NASA's
coupon rmssion, but we have renewed our commitment to
§ et stu< dents excited about science and mathemat-
Hon ua "“pics, O'Keefe said in a news release. "The educa-
lor-astronaut program will use our unique position
ln space to help advance our nation's education
goals."
INC
O'Keefe, Morgan and the commander of her
shuttle flight, Scott Kelly, were scheduled to visit
the Maryland Science Center later Thursday.
Morgan, 51, was selected in 1985 as the backup
to McAuliffe for the Teacher in Space Program.
After the Challenger exploded in January 1986,
killing McAuliffe and six other astronauts, Morgan
returned to teaching at McCall Elementary School
in Idaho, although she continued to speak at
schools about NASA's work.
The space agency tapped her in 1998 for astro
naut training at the Johnson Space Center in
Houston. She has worked in Mission Control as a
communicator with astronauts in space.
The primary objective of the November 2003
mission is to install equipment to increase power
and communications to the space station. Morgan
will participate in educational events from space
and will be actively involved in the flight as a fully
trained astronaut.
1J1S
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