Businessweek Archives

A New Broom At The Treasury?


In Business This Week

A NEW BROOM AT THE TREASURY?

Call him the un-Altman. Low-key and apolitical, former San Francisco banker Frank Newman has been tapped to replace Deputy Treasury Secretary Roger Altman, who resigned on Aug. 17--a casualty of Whitewater. For the past 18 months, Newman, 52, has been toiling away in his nonflashy job as Treasury Under Secretary for Domestic Finance, dealing with public-debt management and banking policy.

Unlike Friend-of-Bill Altman, Newman has no personal ties to President Clinton and no evident ambition to succeed Treasury Secretary Lloyd Bentsen. His main task: helping manage the department, something Altman rarely did. Newman's elevation could mean headaches for the financial services industry. He wants to extend the community-investment requirements on banks to insurance companies and mutual funds. Small banks also fear he may push to ease restrictions on nationwide banking.EDITED BY KEITH H. HAMMONDS


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus