White House economic adviser resigns
From John King
CNN Washington Bureau
WASHINGTON (CNN) -- As expected, top White House economic adviser Stephen Friedman submitted his resignation to President Bush on Monday.
The Wall Street veteran has told friends and associates he will return to the private sector at the end of the year.
The White House released Friedman's resignation letter several hours after Bush announced his intention to nominate Carlos Gutierrez as his new secretary of commerce. (Full story)
Together, the moves served as reminders that Bush's economic team will have a new look as he pursues several major policy initiatives, including tax simplification and Social Security overhaul.
Friedman said Bush had demonstrated "keen judgment in setting the bar at a very high, but attainable, level; balance and unflinching boldness in the face of great pressure; and stress-leavening presidential humor."
Bush, in turn, released a statement in which he credited Friedman with helping craft and push his 2003 tax cut initiative and called Friedman "a good-hearted man who possesses great wisdom and a can-do attitude."
