Bush moving quickly to revamp economic team
Administration and Congressional sources said on Saturday that an announcement could come at the start of next week, though they cautioned that no final decisions have been made one day after Bush abruptly forced out economic adviser Lawrence Lindsey and Treasury Secretary Paul O'Neill.
California Republican David Dreier, one of Bush's closest allies in Congress, has been lobbying the administration on Parsky's behalf and said his long-time friend has made it clear he would be "willing to serve the president" as treasury secretary or in another capacity: "I have in the last month talked to him and indicated I thought he would be good as a member of the economic team," Dreier told Reuters, adding he has raised Parsky's name with the White House.
Other Republicans are fiercely lobbying for Commerce Secretary Donald Evans to get the treasury position.
The shake-up, which one Republican consultant dubbed "the Friday morning massacre", will give Bush an opportunity to stack his economic team with tax-cut enthusiasts with more Wall Street savvy well ahead of the 2004 presidential campaign.
Friedman, who served as co-chairman of Goldman Sachs with former US Treasury Secretary Robert Rubin, would fit that bill well as Lindsey's replacement at the helm of the National Economic Council.
"He has got a terrific understanding of the economy, both from a micro and macro point-of-view," said Daniel Yergin, who served with Friedman on the Brookings Institution Board of Trustees.
"He also has a terrific understanding of financial markets and how they interact with the overall economy," he said.
Parsky, who co-chaired Bush's presidential campaign in California with Dreier, was floated as a potential candidate for Treasury when Bush was preparing to take office.
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