US Treasury Secretary bids to reassure investors

US Treasury Secretary Paul O'Neill has sought to reassure investors who have seen their retirement accounts shrink after a wave of corporate scandals that the government is working to ensure the economy remains sound.

In an article published in The Washington Post, Mr O’Neill said the US economy remains fundamentally strong despite the recent sharp drop in stock prices: “We have had two straight quarters of solid growth. Consumer spending has stayed strong and business investment is picking up.

“As our economy continues to grow at a healthy pace, Americans will see their incomes and their retirement accounts grow as well.”