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KWAME HOLMAN: President Bush introduced railroad executive John Snow
this morning as his choice to replace ousted Treasury Secretary Paul
O'Neill. The announcement came three days after O'Neill and national
economic adviser Larry Lindsey resigned.
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'll be a superb member of my cabinet. Parts of America are experiencing
persistent unemployment. Many Americans have very little money left
over after taxes. Some struggle under a weight of debt that makes it
difficult to save for retirement. Investor confidence needs to be strengthened
in practical ways. The new Congress will have a responsibility to address
these challenges. My administration will make specific proposals as
to how best to address these challenges. I look forward to working with
John Snow as we move forward on a growth and jobs package.
KWAME HOLMAN: 63-year-old John W. Snow currently is president and chief
executive officer of CSX Corporation, which operates the largest freight
rail network in the eastern United States. He served as the chairman
of the Business Roundtable, an influential association of major corporate
executives. And during the Ford administration, Snow served as a deputy
undersecretary at the Transportation Department. He's taught both law
and economics. Today Snow said he would do his best to boost businesses
and jobs.
JOHN SNOW: I'm both humbled and deeply honored by your decision selecting
me as your secretary of the Treasury. As you noted, this is an important
moment for the economy. Thanks to your leadership, and this administration's
stewardship of the economy during a tough time, the recession was one
of the shortest and shallowest in modern economic history. Yet I strongly
share your view that we cannot be satisfied until everyone, every single
person who is unemployed and seeking a job, has an opportunity to work.
I pledge to you to use all my talents, my power, my energy, and my ability
to strengthen the current economic recovery and create an environment
where millions of job creators-- those small businesses and partnerships
and medium-sized businesses and large businesses and investors all across
America-- will grow and prosper. I also understand the importance of
working closely with other countries to build and maintain a prosperous,
growing, and stable global economy as we successfully prosecute the
war on terror.
KWAME HOLMAN: Leading Democrats generally were positive about the Snow
nomination but said the Bush administration needs to change its economic
policies.
SPOKESPERSON: It is the President's economic package. He can shuffle
staff all he wants. It is the President's economic package that is a
failure.
KWAME HOLMAN: By early next year, President Bush is expected to propose
a package of spending stimulus and tax cuts to bolster the sagging economy.
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