US president George W Bush last night completed his new economic team, naming former Goldman Sachs executive Stephen Friedman as his new top economic adviser At the announcement, both Bush and Friedman both talked of the need for a pro-growth economic package, but Friedman did not make any direct comments on Bush's proposed tax package However, he did say that the government "must address the pressure on family budgets and savings". Friedman also said economic policy must focus on "the need to create more jobs, slow growth in our overseas export markets and disappointing business investment" Bush was more direct in his comments, stating that in order to continue the economic recovery, the White House would propose further steps to add new jobs and "reduce the burden on our tax payers"
Friedman replaces former White House advisor Larry Lindsey, who resigned last week. He joins two other new kids on the block; John Snow, nominated as Treasury Secretary following the resignation of Paul O'Neill, and William Donaldson, who has replaced Harvey Pitt as chairman of the Securities and Exchange Commission //www.fxcentre.com