John W. Snow, chairman of CSX Corp., today was nominated by President Bush as Treasury secretary to replace Paul ONeill, who quit last week.
"John Snow has excelled as a business leader, an expert on economic policy, an academic and as a public servant. Hell be a superb member of my Cabinet, Mr. Bush said in a news conference today.
Mr. Snows nomination will be considered by the Senate Finance Committee. Chairman Charles E. Grassley, R-Iowa, said Mr. Snows extensive business experience, and his earlier comments about cleaning up corporate wrongdoings, will help restore confidence in corporate America. Also, the Securities Industry Association said in a statement that Mr. Snow would be an "effective and articulate voice for the administrations economic policy.