Bloomberg reports that Stephen Friedman, a former co-Chairman of Goldman Sachs, is top of George Bush's list for the post of chief White House economic adviser in succession to Lawrence Lindsey, who was dismissed by the President on Friday.
President Bush decided to shake up his government's economic team and Lindsey and US Treasury Secretary Paul O'Neill both fell on their swords as the US economic recovery shows signs of faltering. Friedman, who left Goldman in 1997 and is now a limited partner at the firm, is hot favourite for the senior job. He is currently a senior executive with Marsh McLennan Capital.
Bush will also need to appoint a new Treasury Secretary. Senator Hilary Clinton has said that someone is required who would 'inspire confidence and trust in the markets'. Analysts feel that an 'activist' Treasury Secretary is now needed to stimulate the US economy.
Candidates for the top post include Charles Schwab, chairman of the brokerage firm which bears his name, Frank Zarb, former chairman of Nasdaq and Robert Glauber, the CEO of the National Association of Securities Dealers.
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