Economic Adviser Resigns
By Scott Sumerford on Friday, November 30th, 2007 :: 2:29 pmCategory: Financial News
Allan Hubbard, the director of the National Economic Council (NEC), resigned Wednesday. Hubbard leaves the White House at a tenuous time for the economy. His replacement, Hubbard’s deputy, Keith Hennessey will face the troubles in the housing industry and slowing economic growth.
The effects of Hubbard’s departure are uncertain, but Wall Street may benefit from the change. Hennessey is an experienced replacement who has worked under three different directors of the NEC. He also supports tax breaks that could bolster economic growth.
Resignation among the White House cabinet has become a trend this year. The list of resignations include political adviser Karl Rove, budget director Rob Portman, homeland security and counterterrorism adviser Fran Townsend, Undersecretary of State for Public Diplomacy Karen Hughes and Attorney General Alberto Gonzales.
Like the other new appointees in Bush’s cabinet, Hennessey faces many challenges. With waning consumer confidence, rising oil prices and the credit crunch caused by subprime loans, Hennessey’s toughest task might be preventing a recession.
Author Bio: Scott Sumerford has several years of experience working in the financial industry and has written a myriad of articles on various financial matters. Read more about how Credit Solutions offers a viable alternative to debt consolidation.
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