Championing Felix Was No Flub

Your article "Bad counsel at the Economic Council?" (News: Analysis & Commentary, Feb. 26) called Laura Tyson's National Economic Council decision to recommend Felix Rohatyn as vice-chairman of the Federal Reserve Board of Governors the "Felix Flub." Far from being a flub, this recommendation was a sound choice. Rohatyn is a man of great integrity who would have brought to the board more than 30 years of experience in global financial markets and a sterling reputation in the business community. His views about the best way to increase noninflationary growth are certainly within the mainstream of economic thought and policy. Moreover, he is on the best of personal terms with Alan Greenspan and Robert Rubin. If there was a flub in the case of Rohatyn, it is not that he was recommended. It is that ideological and partisan pressures in the Senate threatened to block his nomination, led him to withdraw his name rather than become what New York Times columnist Abe Rosenthal called the "football du jour," and deprived the country of his service and advice in this important position.

Lloyd N. Cutler

Former White House Counsel


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