The discount brokerage pioneer says no, but his political star rose last August at President Bush’s economic summit in Waco, Texas, when he argued in favor of eliminating the double taxation on dividends. That soon became the centerpiece of the White House’s tax relief plan, and Schwab’s name was floated as a possible replacement for thenTreasury secretary Paul O’Neill. Bush tapped CSX’s John Snow for the Treasury post, but the rumor mill began churning again last month after Schwab announced that he would retire in May as co-CEO of his firm. The 65-year-old Schwab issued a statement that he intends to be “the model of an active chairman” as David Pottruck, 54, becomes sole CEO. And Schwab spokesman Glen Mathison emphasizes that the company’s founder is “not going into politics.” Now, to confirm that Schwab is not about to decamp for Washington and leave his heart in San Francisco, even the White House is dispelling the notion that he planted the seed for Bush’s tax proposal. “The idea to eliminate the double taxation on dividends came from the president,” says White House spokesman Taylor Griffin. “You can credit him.”
