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Gold/Mining/Energy : Gold Price Monitor
GDXJ 105.33+5.2%Nov 26 4:00 PM EST

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To: CIMA who wrote (34467)5/25/1999 1:05:00 AM
From: Alex  Read Replies (2) of 116774
 
Summers approval could hit roadblock-report

WASHINGTON, May 25 (Reuters) - President Bill Clinton's nomination of Lawrence Summers to become Treasury secretary could run into trouble from Republican steel-state senators who are considering trying to block Summers' confirmation in a dispute over how to protect the beleaguered U.S. steel industry, the Washington Post reported on Tuesday.

Using senatorial power to put a ''hold'' on Summers's confirmation ''is certainly an option, and a significant way of getting the (Clinton) administration's attention on something that concerns the (steel) caucus,'' Charlie Boesel, a spokesman for Republican Sen. Mike DeWine of Ohio, told the newspaper.

The Post quoted unidentified Senate aides as saying a serious move to hinder Summers' nomination was still uncertain.

DeWine and other steel-state senators are angry about the opposition by the administration -- and the Treasury in particular -- to tough legislation and other measures aimed at protecting U.S. steelmakers from imports, the report said.

The industry suffered substantial plant closings and job losses over the past year, in part because of a flood of steel from Japan, South Korea, Brazil, Russia and other countries stricken by the global financial crisis, it said.

One possible outcome, Senate aides told the Post, is that the industry's advocates would use the nomination as leverage to increase their negotiating power.

Summers's nomination has not yet been formally submitted to the Senate, but it will presumably go to the Hill shortly because current Treasury Secretary Robert Rubin has said he wants to leave by July 4, administration aides said.

biz.yahoo.com
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