[Congressional Record Volume 149, Number 17 (Thursday, January 30, 2003)]
[Senate]
[Pages S1841-S1842]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                        NOMINATION OF JOHN SNOW

  Mr. GRASSLEY. Mr. President, this morning the Senate Finance 
Committee completed our first piece of business for the 108th Congress. 
The business before the committee today was the nomination of John Snow 
to be Treasury Secretary. It is the matter that we should process as a 
full body today. The Treasury Secretary is, after the Vice President, 
perhaps the most important position in the President's Cabinet.
  As I said at the nomination hearing 2 days ago, the Finance Committee 
has a bipartisan tradition of acting expeditiously on this nomination. 
The reason is the importance of this nomination in the Nation's 
economic policymaking. The evidence of this tradition can be gleaned 
from committee records. Let's take a look at the recent history. For 
the period covering the first Bush administration, the Clinton 
administration, and this Bush administration, this committee has kept 
the position of Treasury Secretary filled in a virtually seamless 
manner.
  Let me emphasize that. For this first time in recent history, we have 
a significant vacancy in the Treasury Department. There has now been a 
gap in service. That gap needs to be closed. As long as that vacancy 
remains, our markets wonder, our global trading partners speculate, and 
the President is denied his principal economic policymaker.
  All Finance Committee Democrats and Republicans, past and present, 
should be proud of our record in recent history. It should surprise no 
one that the committee has taken this responsibility seriously. Whether 
we have divided government, or if one party controls the Congress and 
the administration, it does not matter. Much of the committee's policy 
is tied to the Treasury Department. It is a relationship that has a 
history of seriousness, productivity, and gravity. We all have an 
interest in filling this important position.
  I thank my ranking member and friend, Senator Baucus, for his 
assistance. I also thank my Finance Committee colleagues for their 
cooperation.
  Fortunately, over the same almost 15-year period, the full Senate has 
reflected the Finance Committee's seriousness on this important 
nomination. Again, over that period, under divided government or one 
party control, we as 100 Senators, have not permitted a significant 
vacancy to occur in this critical position. Some of my colleagues will 
recall Secretary O'Neill's nomination. Senator Helms, who some on the 
other side called ``Senator No,'' had an issue important in his State 
regarding the Africa free trade bill. Senator Helms recognized the 
critical nature of the Treasury Secretary's position and allowed the 
nomination to move forward expeditiously.
  Why does this office matter so much?
  Well, let's take a look at the job description on the Treasury Web 
site. I quote:

       The Secretary of the Treasury is responsible for 
     formulating and recommending domestic and international 
     financial, economic, and tax policy, participating in the 
     formulation of broad fiscal policies that have general 
     significance for the economy and managing the public debt. 
     The Treasury Secretary oversees the activities of the 
     Treasury Department in carrying out his major law enforcement 
     responsibilities; in serving as the financial agent of the 
     U.S. Government; and in manufacturing coins and currency.
       The chief financial officer of the Government, the 
     Secretary of the Treasury serves on the President's National 
     Economic Council. He is also Chairman of the Boards and 
     Managing Trustee of the Social Security and Medicare Trust 
     Funds, Chairman of the Thrift Depositor Protection Oversight 
     Board, and serves as U.S. Governor of the International 
     Monetary Fund, the International Bank for Reconstruction and 
     Development, the Inter-American Development Bank, the African 
     Development Bank, and the European Bank for Reconstruction 
     and Development.

  So, Mr. President, who has an interest in filling the gap I referred 
to earlier? The answer is: (i) any American with an interest in 
economic growth, (ii) any American senior receiving Social Security or 
Medicare, (iii) any holders of thrift deposits, (iv) any investor 
holding a Treasury bond and (v) any worker or management person with an 
international business. That is just for starters.
  This is not just any Cabinet position. The Treasury Department is the 
oldest Department and it is no accident that the Treasury Department is 
next door to the White House. These important responsibilities are the 
reason the Senate has not dilly-dallied on this nomination. I thank my 
colleagues for their cooperation in the confirmation of John Snow as 
Treasury Secretary.
  Mr. BAUCUS. Mr. President, earlier today the Finance Committee 
approved the nomination of John Snow as the next Secretary of the 
Treasury. I thank my colleagues for this support of the confirmation of 
Mr. Snow.
  The confirmation process is never easy. Nor should it be, as it is 
part of the constitutional advice and consent function to review of the 
nominee's experience, qualifications and suitability to serve in the 
position to which he or she has been nominated.
  The Senate Finance Committee asked Mr. Snow hundreds of questions 
over a period of weeks. We sought his views on tax policy, prescription 
drugs, and budget deficits. We asked about matters involving corporate 
governance and executive compensation. He has responded to all of our 
questions.
  The American people are anxious about the flagging economy and the 
prospect of war. With the future uncertain, it is important for our 
country to have a Treasury Secretary in place to help tackle the 
difficult challenges

[[Page S1842]]

ahead. The President has selected a man who is well qualified.
  I remain concerned about how we handle the upcoming debates about the 
budget, taxes and healthcare. We need to get to work. But we need to 
work together, in a bipartisan fashion, to address these important 
issues. I am committed to working with the administration to try to 
find common ground. The new Secretary shares this commitment. I look 
forward to working with him.
  Mr. ALLEN. Mr. President, I rise today in support of John Snow, a 
proven leader with a reputation of a winner, and President Bush's 
nominee for U.S. Treasury Secretary.
  John Snow is someone I know well and a proud resident of the 
Commonwealth of Virginia. In nominating John Snow, President Bush has 
brilliantly chosen the best person in America for the vital position of 
Secretary of the Treasury. There are few Americans with the knowledge 
of diverse U.S. and international economies--manufacturing, mining, 
automobile, electric, agriculture--trade, transportation modes--rail, 
ports, barges--and hands-on track record of creating jobs that John has 
developed over the last three decades. John Snow is a man of positive 
action and the right person to help President Bush create greater job 
opportunities for all Americans. He will be a respected and articulate 
leader for the principles of trusting people and free enterprise to do 
what they do best--create new and better jobs.
  His prior service in Federal Government helps him as well. John Snow 
understands how government operates and how government can help or 
hinder job growth.
  I have known John and Carolyn Snow for many years, and have relied on 
John's insight, experience and wisdom often over those years. While I 
served as Governor of Virginia, John gave extensively of his time to 
help us shape a plan that successfully revived Virginia's economy and 
resulted in the creation of a record number of new jobs. He continues 
to be a trusted adviser on economic and transportation issues.
  When John came to Richmond in the early 1980s, the city was still 
suffering the lingering consequences of the past, and a very 
contentious period in the 1970s. Richmond had just elected its first 
African-American mayor. During this time, John stepped forward to help 
bridge the gap between the past and the future. He was a founding 
member of Richmond Renaissance, an organization dedicated to promoting 
racial equality in downtown Richmond. He was appointed by the new mayor 
to the city of Richmond school board. He became a member of the board 
of Virginia Union, a historically black college in Richmond.
  He is a Renaissance man--educated in law and economics at the 
University of Virginia, government and business, and a professor. A 
Renaissance man who can convincingly and reasonably articulate the need 
for positive action.
  John Snow has been successful in business because he knows that a 
growing economy is one that enables every working man and woman to have 
an opportunity to benefit from their hard work, their creativity and 
their ingenuity.
  With his confirmation, all of America will soon come to trust and 
rely on John Snow's considerable knowledge and experience as I and so 
many grateful Virginians have over the years.

                          ____________________