President Bush has named a new treasury secretary, choosing Wall Street executive Henry Paulson to replace John Snow.
There had been speculation for about a year that Treasury Secretary John Snow would step down. On Tuesday morning, the speculation became fact.
President Bush moved quickly to name a replacement.
"I am pleased to announce that I will nominate Henry Paulson to be the secretary of the treasury," he announced.
For the past eight years, Paulson has been chairman of Goldman Sachs, one of the leading financial firms on Wall Street. The company has sent a number of its top executives to Washington.
President Bush said Paulson is leaving one of the most rewarding jobs on Wall Street to serve the American people, and he urged the Senate to confirm the appointment as quickly as possible.
"He has a lifetime of business experience; he has an intimate knowledge of financial markets and the ability to explain economic issues in clear terms. He has earned a reputation for candor and integrity. And when he is confirmed by the Senate, he will be a superb addition to my cabinet," added Mr. Bush.
The president went on to thank John Snow for his service, noting economic gains made during his tenure. But Snow had limited success selling the administration's economic policies, and his departure is part of a White House shake-up designed to revive the president's sagging approval rating with the public, which is at just more than 30 percent.