PAUL ONEILL IS CHOSEN AS TREASURY SECRETARY FOR NEW ADMINISTRATION, 2000-12-20 (photo)

Businessman Paul O'Neill listens to a question after he was chosen by U.S. President-elect George W. Bush to be the nominee for his Secretary of Treasury at an announcement at the University of Texas in Austin, Texas, December 20, 2000. O'Neill, chairman of Pittsburgh-based Alcoa, had planned to retire from the company at the end of the year, making the timing ripe for him to move on to a new challenge. He comes with 16 years of Washington experience on his resume - albeit in the 1960s and 1970s - including 10 years at the Office of Management and Budget. More importantly, he will be armed at the outset with key contacts, including Federal Reserve Chairman Alan Greenspan, whom O'Neill describes as a "close friend".