President Bush will nominate Timothy Adams (search) to be the administration's top official on international economic matters, the White House announced Wednesday.

If confirmed by the Senate, Adams would become Treasury undersecretary for international affairs, replacing John Taylor (search), who said Monday that he plans to step down in late April to return to a teaching position at Stanford University.

Adams served as chief of staff to Paul O'Neill (search), Bush's first Treasury secretary, and Treasury Secretary John Snow (search). He also served as policy adviser to the Bush-Cheney campaign in 2000 and 2004.

The White House said Bush will designate Arnold Havens, the Treasury Department's general counsel since 2003, to be acting deputy Treasury secretary. That post has been vacant since Samuel Bodman became Energy secretary in early February.