US Treasury’s Top International Policy Advisor Adams Resigns February 2, 2007Posted by notapundit in US News.
WASHINGTON (Dow Jones)–The U.S. Treasury’s top international policy advisor, Tim Adams, announced his resignation Friday after serving President George W. Bush in various roles for the past seven years.
Adams, a 45-year-old Kentucky native, has been U.S. Treasury undersecretary for international affairs since 2005, when he replaced John Taylor. Before that, he was Bush’s policy director on the re-election campaign.
During Bush’s first term, Adams was chief of staff under former Treasury secretaries John Snow and Paul O’Neill. Adams co-founded an economic consulting firm, the G7 Group, before he joined Bush’s first campaign and transition team.
Adams was an architect of efforts to get the International Monetary Fund to become more outspoken in its monitoring of its members’ economic policies, particularly with regard to exchange rates. Last fall at its annual meeting in Singapore, fund shareholders agreed to a new formal series of meetings – multilateral consultations in the language of the IMF – to bring countries together to resolve specific global financial problems. The first consultations, involving the U.S., China, Europe, and oil exporters, are aimed at reducing global trade imbalances.
Adams was an influential backer of plans for the IMF to overhaul its governance structure to give more weight in decision-making to Asian countries. He also pushed the G7 club of industrial countries to deepen its engagement with emerging economic powers such as China, Brazil and India.
“In the critical U.S.-China economic relationship, Tim has worked to integrate China into the global system and put them on a path to increased currency flexibility,” Treasury Secretary Henry Paulson said in a statement praising Adams’ work for the department.
Over the past two years, Adams has traveled to more than 40 countries and spent much of his time outside Washington. Adams has three young children, and the heavy travel was burden for his family, said staffers close to him.
“My responsibilities to my spouse and three young children are simply incompatible with the demands of continued service in the administration,” Adams said in his resignation letter.
Those close to Adams said he hasn’t decided what he will do next, but that he plans to remain at Treasury until a successor is appointed and confirmed by Congress.
Since joining the Bush administration as Treasury secretary last July, Henry Paulson has brought several people to government from his former employer, Goldman Sachs. U.S. Treasury Undersecretary for Domestic Finance Robert Steele was a former vice-chairman of the investment banking firm, and former Goldman Sachs vice president Neil Kashkari is a senior advisor to Paulson.
By Elizabeth Price, Dow Jones Newswires