THE ECONOMY
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No. 2 Treasury Official Resigning: Deputy Treasury Secretary Frank Newman is resigning, and an embattled Treasury official has been named to succeed him. President Clinton will nominate Lawrence Summers, the Treasury’s undersecretary for international affairs, to replace Newman. “He [Larry Summers] has served me and this Administration with distinction as we have faced new international challenges,” Clinton said. “He is a man of shared vision, and I have full confidence in him and in his ability to continue the strong leadership provided by Frank Newman.” Summers’ nomination is subject to Senate approval.
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