|
Clinton builds econ team
|
 |
December 10, 1996: 5:07 p.m. ET
With Commerce, Labor chiefs leaving, Clinton must pick new team
From Correspondent Kelli Arena
|
WASHINGTON (CNNfn) - As he prepares to begin his second term, President Clinton is facing the unenviable task of rebuilding his economic team.
CNNfn has learned that Joseph Stiglitz, head of the president's Council of Economic Advisers, plans to turn in his resignation within the next two weeks, joining a long list of administration departees.
The resignations come at a time when the administration faces important economic challenges like balancing the federal budget, keeping Medicare solvent and promoting freer world trade.
All three will require a strong economic team.
However, Clinton must fill several key economic positions, including new labor and commerce secretaries.
Observers see Democratic former Sen. Harris Wofford -- who now heads the government's AmeriCorps program -- as a top contender for labor chief.
As for the commerce secretary's post, the name of former New Mexico Rep. Bill Richardson keeps surfacing.
Whover signs on, Clinton will put his new economic team to the test almost immediately.
"They will have to come up with substantial Medicare proposals between now and February -- that will be necessary to make a balanced budget by 2002 credible," said William Niskanan, who served as an economic adviser to President Ronald Reagan.
Yet while some faces will change, Clinton adviser Stiglitz predicts the administration will stay on the same economic course. (70K WAV) or (70K AIFF)
Sue Simon of Capital Insights Group, which researches the political scene for institutional investors, also notes that a cornerstone of Clinton's economic team -- Treasury Secretary Robert Rubin -- plans to stay on.
Washington watchers see Rubin as likely to spearhead Clinton budget policy in the second term.
"Rubin provides some assurance of continuity of policy and sensitivity of financial market and economic impacts," Simon said. "He's clearly been on (Wall) Street and (the private sector) to see the implications of monetary and fiscal policy."
Insiders also give high marks to returning Budget Director Franklin Raines.
|
|
|
|
|
 |
|
