Phil Gramm possible choice for Treasury
With Treasury Secretary John Snow's continuation in office uncertain, the White House is seriously considering former Sen. Phil Gramm of Texas as his possible successor.Gramm would be a good choice if he would take the job. His story explains why the Democrats are now a minority party. The former Democrat backed the Reagan tax cuts, and in retaliation Democrat leadership stripped him of his committee assignments. Gramm resigned his seat and ran in a special election as a Republican. He used the notoriety from the Dem demotion to springboard to a Senate seat from Texas. President Bush has indicated he has major tax reform on his agenda for the second term. Gramm would be an ideal spokesman for that goal. Obviously, he is also good at standing up to the Dems.
President Bush has never been an intimate of Gramm's, and did not think of him for Treasury four years ago when he made the disastrous choice of industrialist Paul O'Neill. However, according to sources close to the president, he is giving his fellow Texan a serious look this time. Gramm is now an investment banker.