Posted on 07/24/2002 7:47:05 AM PDT by RCW2001
JEANNINE AVERSA, Associated Press Writer
Wednesday, July 24, 2002
©2002 Associated Press
URL: http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2002/07/24/financial1027EDT0070.DTL
(07-24) 07:39 PDT WASHINGTON (AP) --
President Bush has asked Treasury Secretary Paul O'Neill to delay his scheduled trip to South America because "Congress is at a critical juncture" in completing work on legislation to combat corporate fraud.
The Treasury Department announced the change on Wednesday.
O'Neill was scheduled to depart at the end of this week to visit Argentina, which is suffering through the worst financial crisis in its history, as well as Uruguay and Brazil, which have their own sets of problems.
He is now expected to make the trip on Aug. 5-7, the department said.
"The president who asked O'Neill to visit these important friends and allies, has asked the secretary to delay his trip by one week," a statement released by Treasury said. The statement noted that lawmakers are trying to finish work on corporate accountability, trade promotion authority and homeland security -- "three important components of the president's agenda to strengthen our economic recovery."
Congress is working on reconciling different House and Senate versions of trade promotion authority which would give the president greater leeway in negotiating trade pacts. Congress also is working on legislation to bring about Bush's call for a new Cabinet level department to thwart terrorism at home.
O'Neill has taken some heat recently for traveling out of the country at a time of economic uncertainty and stock market distress.
For most of last week, O'Neill was visiting four former Soviet republics, including Kyrgyzstan and Uzbekistan to gather information on how to bolster their economic growth, private investment and living standards.
While economists believe it is important for the treasury secretary to be attuned to developments in the world economy, they said O'Neill's absence and lack of reassuring words at a this time of turmoil at home underscore the perception that he is disconnected.
And that doesn't inspire confidence among investors, consumers or businesses, whose faith in corporate leaders has been badly shaken, analysts said. If that makes consumers and businesses less willing to spend and invest, the economy's recovery could be slowed.
©2002 Associated Press
Where's someone the caliber of Jim Baker to do the job of stroking the public confidence?
I'm not buying this line at all. This story is purely PR for mass consumption.
With today's arrest of the Founding Adelphia family and an extremely jittery Stock Market, O'Neil wasn't going to go anywhere anytime soon. The White House needed to present a nice explaination for our neighbors south of the border why the Bono and O'Neil concert tour had to make some cancellations.
Our economic situation needs all hands on deck and not flying around the world like the previous administration flaunting the cause de jour. Bush knows that. It's going to be a long, hot summer.
jriemer
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