US Treasury Secretary Paul O'Neill, criticized as an unpredictable spokesman for the world's largest economy, said he'll temper his public statements, rely more on prepared speeches, and avoid offering opinions on issues.
"I have been burned so much by trying to give people an education, I've just given up hope that I can do it," O'Neill said in an interview with reporters in Seattle, halfway through a four-state tour of the West.
In his year and a half as Treasury chief, some of O'Neill's comments have roiled currency markets, sent Brazilian bonds lower, angered some members of Congress, and generated criticism that the administration of President George W. Bush lacks economic leadership. His promised reserve illustrates the pressure members of the administration are under to communicate that they have a strategy to restore confidence in the economy and they speak with a common voice.
O'Neill served three US presidents during the 1960s and 1970s, before running International Paper Co and Alcoa Inc.
After becoming Treasury secretary in January of last year, O'Neill sent the dollar plummeting by telling a German newspaper the US didn't follow a strong dollar policy. He told Wall Street traders he could learn their jobs in a few weeks, and then was criticized for being out of the country while the Standard & Poor's 500 stock index was posting its largest decline since the crash of October 1987.
O'Neill described as "show business" congressional efforts to boost the economy. And, he sent Brazilian markets tumbling by saying additional aid for the country didn't "seem brilliant." Last month, Brazil's president demanded an official US apology after O'Neill followed his comment by saying the administration needed to ensure aid money wouldn't be siphoned into "Swiss bank accounts." White House spokeswoman Anne Womack said Bush doesn't have a problem with his Treasury secretary. "The president always appreciates the unvarnished advice," she said.
O'Neill said he's tired of criticism.
"I'm doing what I think is important, talking to people that are real people about what I feel to be the truth about things, but I feel like I get short-sheeted if I do that." A more tight-lipped approach won't alter his goals, O'Neill said. "It's not going to change what I'm going to do trying to work on ideas that will improve the standard of living for everyone in the world, starting here at home," he said.
His new self-discipline was on display during a discussion with the Oregon Farm Bureau this week. Presented with an opportunity to reaffirm the US strong dollar policy, he declined.
"This is the most dangerous territory for me, because anything and everything I say about foreign exchange rates gets blasted across the world and unsettles markets," O'Neill said.
"I'm not going to engage this subject directly."
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