Washington (Feb. 28, 2003) -- President Bush has tapped Harvard University economics professor N. Gregory Mankiw to become the next chairman of the White House Council of Economic Advisers to fill the void left by the resignation this week of one of his top economic advisers.

Mankiw, who must be confirmed by the Senate, will replace R. Glenn Hubbard, who resigned on Wednesday. Mankiw is the author of two economics textbooks and is a research associate with the National Bureau of Economic Research, an advisor to the Federal Reserve Bank of Boston and the Congressional Budget Office.

Hubbard, one of the architects of President Bush's plan to cut taxes on corporate dividends and the last remaining member of the administration's original economic team, is reportedly expected to return to his post as a professor of economics at Columbia University. Published reports said his resignation, effective today, was expected.

In his resignation letter, Hubbard reportedly cited the needs of his family as a reason. "As I discussed last fall, this decision is a difficult one, as serving you in the campaign and in this post has been the greatest honor and privilege of my professional life, but family needs are my most significant concern," The Washington Post quoted the letter as saying.

-- Electronic Accountant Newswire Staff

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