Bush taps adviser for Treasury international post

By David Lawder

WASHINGTON (Reuters) - President George W. Bush intends to nominate White House adviser David McCormick as U.S. Treasury undersecretary for international affairs, the White House said on Thursday.

McCormick, 41, is now deputy national security adviser for international economic affairs at the White House. He previously served as an undersecretary at the Commerce Department.

The undersecretary for international affairs is a key post for Treasury. It involves handling global issues such as the U.S. relationship with key emerging powers like China and pushing for reform of institutions like the International Monetary Fund and World Bank.

The job has been vacant since late April when Tim Adams resigned, saying he wanted to spend more time with his family. The first White House nominee for the post, JPMorgan Chase executive Tim Ryan, withdrew his name from consideration, citing personal reasons. The post requires confirmation by the U.S. Senate.

The delay in filling the post came at a time when Treasury Secretary Henry Paulson was devoting increasing amounts of attention to international issues, including economic talks with China, engagement with Latin America and summits with industrialized nations.

Treasury officials have also been distracted by the controversy that led to the ouster of World Bank president Paul Wolfowitz and the choice of a nominee to replace him.

The job has been handled on a temporary basis by Clay Lowery, assistant secretary for international affairs.

White House spokesman Tony Snow described McCormick as the "sherpa" who is making arrangements for Bush's trip to the Group of Eight summit in Germany next week with leaders of the world's richest nations. McCormick has briefed media on similar summits in the past.

He has advised the White House on international economic, energy and foreign assistance policies. At the Commerce Department, he oversaw the Bureau of Industry and Security, which formulates and enforces restrictions on trade in high technology goods.

National Association of Manufacturers President John Engler welcomed McCormick's nomination. "His keen understanding of international issues, especially the need to modernize export controls, has been of great importance in seeking to advance U.S. competitiveness," Engler said in a statement.

Before going to the Commerce Department, McCormick was president and chief executive of FreeMarkets Inc., and president of Ariba Inc., both software and services companies.

A West Point graduate, he served in the U.S. Army during the first Gulf War and later worked as a consultant for McKinsey & Co.

Bush named Washington trade lawyer Daniel Price to replace McCormick as deputy national security advisor for International Economic affairs. Price, who heads the international trade and dispute resolution practice at Sidley Austin LLP, previously served in the U.S. Trade Representative's office and in the State Department.

(Additional reporting by Caren Bohan and Glenn Somerville)