Hubbard, chairman of the Council of Economic Advisers and a Columbia University professor, advocates deep reform of the tax code. Bolten, Bush's deputy chief of staff and a former employee of Friedman, has run the meetings of the White House economic staff and was Lindsey's boss. Some analysts suggested Hubbard may move to Treasury as a deputy to the new secretary.
The biggest overhaul of the two-year-old Bush administration will accelerate Bush's efforts to revive the economy.
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