The new administrator is Tina Kielmeyer. Ms. Kielmeyer is a 23-year veteran of the BWC. She has been serving as the Bureau's assistant administrator and chief operating officer since April 2004.

She succeeds James Conrad, who stepped down after it was disclosed by lawyers for Tom Noe, a Republican fundraiser and partner in a rare coin business and heavy Republican contributor, that some of the rare coins were missing. Mr. Noe served as one of the BCW's investment managers. Mr. Noe's Vintage Coins & Collectibles is located in Maumee, Ohio, just outside Toledo.

Mr. Noe's disclosure that the coins were unaccounted for has created nationwide political fallout. First, President Bush's campaign decided to return $6,000 of Mr. Noe and his wife Bernadette's contributions to the 2004 Bush/Cheney reelection fund as well as to the Republican National Committee.

The RNC and the White House have defended not refunding most of the money Mr. Noe raised for the president's reelection campaign. Mr. Noe achieved status as a Bush "pioneer" for raising from $100,000 to $250,000 for the President's re-election campaign last year.

At the same time, California Gov. Arnold Schwarzenegger decided not to return $10,000 that Mr. Noe contributed to his campaign.

The management review team created by Gov. Taft in response to intense criticism by Democrats of the decision to invest in rare coins was ordered to conduct a comprehensive study of the agency and make an initial report back to him within 45 days.

Specifically, the team will conduct "a systematic review" of the BWC investment portfolio, including a review of internal audit and control systems. The task force was given permission to hire outside help, if necessary, to assess BWC investment management and audit staffing.