US President George W. Bush named investment banker Mr Stephen Friedman as his chief economic adviser last night.
Mr Friedman, the former chairman of Goldman Sachs, was attacked over the past week by several conservative activists, who accused him of being insufficiently devoted to tax cuts.
Mr Friedman (64) used a White House announcement ceremony to try to soothe his critics, enthusiastically embracing Mr Bush's plans to push Congress early next year to pass a package of hundreds of millions of dollars in new tax cuts.
"We must address pressure on family budgets and savings," Mr Friedman said. "I strongly share your conviction, sir [Mr Bush], that now is the time for a robust growth and jobs policy."
Mr Friedman, who does not need to be confirmed by the Senate, is assistant to the president for economic policy and director of the National Economic Council.
An official close to the selection process said Mr Friedman's job is to be "head of marketing for the president's economic agenda," focusing on the financial services industry.