DAILY BRIEFING
Treasury Secretary Rubin
to step down
Treasury Secretary Robert Rubin is resigning, the Associated Press reported Wednesday morning. Deputy Treasury Secretary Lawrence Summers will be named to replace him, an administration official told AP.
The Dow Jones Industrial Average dropped more than 200 points after news of Rubin's resignation spread, but quickly recovered much of the loss.
"Secretary Rubin will be leaving after playing an extraordinarily central role in this administration as far as our outstanding record of fiscal discipline and turning the economy around," said White House spokesman Joe Lockhart.
Rubin, a successful investment banker with Goldman, Sachs & Co. in New York City, became Treasury Secretary in January 1995, succeeding Lloyd Bentsen.
Summers, a former World Bank economist, was undersecretary of the Treasury for international affairs from 1993 to 1995 before becoming deputy secretary.