Dodd calls for new Treasury secretary

WASHINGTON, Oct. 23 (UPI) -- The chairman of the U.S. Senate Banking Committee Thursday said the next Treasury secretary should be nominated immediately after the Nov. 4 election.

Sen. Chris Dodd, D-Conn., said whoever wins the November presidential election should urge President George W. Bush to send his successor's nomination to the Senate in time to be confirmed during the Nov. 17 lame-duck congressional session, The Hill reported.

Dodd made his remark after a legislative hearing on implementation of the $700 billion financial industry bailout.

Dodd said appointing a new cabinet secretary before the next president takes office would not be new. President George H.W. Bush, for instance, announced James Baker as his secretary of State on election night in 1988.

"The next president must appoint that economic team as quickly as you would suggest your national security team," he said. "I'm not suggesting election night, but very quickly. I think it's going to be important there be a seamless transition."