CHAPTER 10A Gathering Storm of Opposition

WHEN GEORGE W. BUSH TOOK OFFICE ON JANUARY 20, 2001, Larry Summers left Treasury and was replaced as secretary by Paul O’Neill. O’Neill combined Washington policy experience with a highly successful career in business. In the early 1960s, O’Neill had been a systems analyst at the Veterans Administration before moving to the OMB in 1967, where he rose to become deputy director in 1974 under President Ford. O’Neill joined International Paper when Ford left office in 1977. In 1987 he was named chairman and CEO of Alcoa, the world’s largest producer of aluminum. He remained at Alcoa until his retirement in 2000.

Frank Raines and O’Neill knew each other from their service together on the board of a nonprofit ...

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