Updated from 9:37 a.m. EST
After almost two years of economic stagnation and corporate scandal, the Bush administration's economic brain trust is getting a complete overhaul.
Treasury Secretary Paul O'Neill and White House economic adviser Larry Lindsey both tendered their resignations Friday, joining
Chairman Harvey Pitt on the way out the door. Reports said O'Neill was asked to step down by President Bush.
"It has been a privilege to serve the nation during these challenging times," O'Neill wrote. "I wish you every success as you provide leadership and inspiration for America and the world." The resignation becomes effective in a few weeks.
O'Neill, whose tenure has been hamstrung by recession and the corporate accounting scandal, was frequently the whipping boy of financial markets for what many perceived as tin-eared policy pronouncements that on several occasions sent currency prices into turmoil. O'Neill, a former executive with
and one-time White House budget director, was known to oppose another economic stimulus package, a position that put him at odds with Bush.
His administration was controversial almost from day one after he initially vowed to keep nearly $100 million worth of Alcoa stock while in office. After a firestorm of controversy, he agreed to sell the stock.
He is the first Bush cabinet member to resign.