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President Bush Names New Treasury Secretary - 2002-12-11


U.S. President George W. Bush named a new treasury secretary Monday, as part of a shake-up of his economic team. His choice is John Snow, Chairman of CSX Corporation, one of the largest railroad companies in the United States.

Mr. Snow also served in the U.S. transportation department during the Gerald Ford administration in the 1970’s. Mr. Bush said he will be both a key advisor on the economy, and a key advocate for the administration’s economic policies.

U.S. PRESIDENT GEORGE W. BUSH
“John Snow has excelled as a business leader, an expert on economic policy, an academic and as a public servant. He will be a superb member of my cabinet.”

For his part, Mr. Snow pledged to help strengthen the current economic recovery.

JOHN SHOW, U.S. TREASURY SECRETARY DESIGNEE
“I also understand the importance of working closely with other countries to build and maintain a prosperous, growing and stable global economy as well successfully prosecute the war on terror.”

If confirmed by the senate, Mr. Snow will replace Paul O’Neill, who resigned under pressure last Friday, along with White House Economic Advisor Larry Lindsey.

The shake-up of the economic team reflects an acknowledgement in the White House that, while the president’s popularity is high, a weak economy could erode public support. Such a scenario played out in 1992, when Mr. Bush’s father lost a re-election bid, due in large part to economic concerns.

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