Bush moving quickly to revamp economic team

PRESIDENT George W Bush is moving swiftly to revamp his economic team, with California financier Gerald Parsky among those under consideration for treasury secretary and former Goldman Sachs chief Stephen Friedman set to become White House economic adviser.

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.