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http://money.cnn.com/2002/12/06/news/oneill/index.htm
O'Neill resigns
Treasury secretary will leave in the next few weeks; second member of Bush's econ team to leave.
December 6, 2002: 9:35 AM EST
NEW YORK (CNN/Money) - U.S. Treasury Secretary Paul O'Neill announced Friday he is resigning, effective "in the next few weeks."
The former CEO of Alcoa is the second major member of the administration's economics team to announce a departure in the last four weeks. Securities and Exchange Commission Chairman Harvey Pitt submitted his resignation on election night.
O'Neill's departure has beenpredicted for weeks. He is generally seen as not being able to get along with Republicans in Congress, as well as not having the support of Wall Street.
"The majority of Republicans on [Capitol] Hill want him out," Charles Valliere, political economist and chief strategist at Charles Schwab Washington Research Group, told CNNfn earlier this week. "They feel he's undercut them [and] made comments that have been very undiplomatic."
The announcement came after news that unemployment rate in November is at an eight-year high, highlighting continued problems in the economy. The value of the dollar, already lower compared to other currencies, fell further in the wake of the news announcement.
O'Neill's letter of resignation to President Bush was brief, saying, "I hereby resign my position as Secretary of the Treasury. It has been a privilege to serve the Nation during these challenging times. I thank you for that opportunity "I wish you every success as you provide leadership and inspiration for American and the world."
O'Neill resigns
Treasury secretary will leave in the next few weeks; second member of Bush's econ team to leave.
December 6, 2002: 9:35 AM EST
NEW YORK (CNN/Money) - U.S. Treasury Secretary Paul O'Neill announced Friday he is resigning, effective "in the next few weeks."
The former CEO of Alcoa is the second major member of the administration's economics team to announce a departure in the last four weeks. Securities and Exchange Commission Chairman Harvey Pitt submitted his resignation on election night.
O'Neill's departure has beenpredicted for weeks. He is generally seen as not being able to get along with Republicans in Congress, as well as not having the support of Wall Street.
"The majority of Republicans on [Capitol] Hill want him out," Charles Valliere, political economist and chief strategist at Charles Schwab Washington Research Group, told CNNfn earlier this week. "They feel he's undercut them [and] made comments that have been very undiplomatic."
The announcement came after news that unemployment rate in November is at an eight-year high, highlighting continued problems in the economy. The value of the dollar, already lower compared to other currencies, fell further in the wake of the news announcement.
O'Neill's letter of resignation to President Bush was brief, saying, "I hereby resign my position as Secretary of the Treasury. It has been a privilege to serve the Nation during these challenging times. I thank you for that opportunity "I wish you every success as you provide leadership and inspiration for American and the world."