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Rubin Resigns, Summers Named To Post go2net.com By Knut Engelmann May 12 10:48am ET WASHINGTON (Reuters) - U.S. Treasury Secretary Robert Rubin has resigned after more than four years at the helm of the U.S. Treasury and President Clinton will nominate his current deputy, Lawrence Summers, as his successor, the White House said Wednesday. Undersecretary of State for Economic Affairs Stuart Eizenstat will take Summers' place after Rubin steps down around July 4, the White House said. ''Secretary Rubin will be leaving after playing an extraordinarily central role in this administration,'' White House spokesman Joe Lockhart said. Rubin's potential resignation has long been rumored in financial markets, but people close to him have speculated that he would want to remain in his post until the turmoil in the world economy had subsided. News of his resignation roiled bond, stock and currency markets around the world as investors wondered whether Summers would carry on with Rubin's decidedly free-market and strong-dollar policies. The dollar weakened against key currencies. ''Because of the suddenness and the unanticipated move, the markets were taken totally aback by the resignation,'' said Ned Riley, chief investment officer at BankBoston. ''Larry Summers will probably carry on in the same school, and the quick appointment of Larry Summers will add some stability to this mini-panic,'' he added. Rubin, who made millions in a 26-year career on Wall Street, took office as Treasury Secretary in January 1995 after a stint as head of the White House National Economic Council. As the brains behind several multibillion dollar rescue deals under the auspices of the International Monetary Fund to bail out ailing emerging market economies, the 60-year old Rubin played a pivotal role in restoring a degree of market stability after Asia's crisis started in the summer of 1997. Combined with his tireless campaign for a strong U.S. dollar, Rubin's attempts to douse the global financial firestorm are widely seen as having boosted the health of the U.S. economy, now in its ninth year of an unbroken expansion. ''(Rubin) has led us through the global crisis. We've seen a golden age of development under his leadership. It will be difficult to replace him,'' said David Jones, chief economist at Aubrey G. Lanston and Co. in New York. Summers, 44, a former Harvard economics professor and the Clinton administration's point man on the global financial crisis, has been in Treasury's number-two spot since August 1995. ''Summers is respected for his intelligence and economic brilliance but not for his diplomacy or market understanding. He has sort of taken on the same market-oriented views. But he has to prove himself,'' Jones said. The nomination of Summers must be confirmed by the Republican-controlled Senate. | ||||||||||||
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