    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book II)]
    [December 9, 2002]
    [Pages 2174-2175]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Announcing the Nomination of John Snow To
    Be Secretary of the Treasury
    December 9, 2002

        The President. Thank you. Please be seated. Good morning. Today I'm
    pleased to announce my nominee for the Secretary of the Treasury. 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.
        I also want to welcome Carolyn here today.
    Thank you for coming. I'm honored you're here.
        As we look to a new year and a new Congress, John Snow will be a key
    adviser on the economy and a key advocate for my administration's agenda
    for growth, new jobs, and wider and more international trade. I'll be
    proposing specific steps to increase the momentum of our economic
    recovery, and the Treasury Secretary will be at the center of this
    effort. I appreciate John's willingness to serve our country.
        In a varied and productive career, John Snow has shown consistent
    qualities of foresight and integrity and public spirit. He's led one of
    our Nation's largest railroads with skill and success. He knows
    firsthand how the economy works. His peers elected him to lead the
    Business Roundtable, where he was an articulate voice for pro-growth
    policies.
        John has a deep, longstanding commitment to ethical corporate
    governance. And as the cochairman of an important commission on public
    trust and private enterprise, he holds a Ph.D. in economics and has
    taught in the field. He served in the executive branch under two
    Presidents.
        John returns to public service at an important moment for our
    economy. Inflation is firmly under control, which keeps the cost of
    food, clothing, and other necessities more affordable. Mortgage rates
    interest remain at historic lows, making home prices more reasonable for
    millions of Americans. A 5.6-percent increase in productivity over the
    last four quarters is the biggest of any comparable period since 1973.
    And growth has returned to the American economy.
        Yet, we also face specific challenges that could slow the recovery
    and limit future growth. Parts of America are expecting--are
    experiencing persistent unemployment. Many Americans have very little
    money leftover after taxes. Some struggle under a weight of debt that
    makes is 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 how best
    to address these challenges. I look forward to working with John Snow,
    as we move forward on a growth-and-jobs package. He and I share a basic
    conviction: We believe the strength of our economy lies in the unmatched
    enterprise and creativity and hard work of the America people.
        It is the task of Government to create an environment in which these
    qualities are rewarded and where jobs are generated, especially by small
    businesses in America. My administration has acted on these principles,
    and we will continue to do so. John will be the senior member of a new
    economic team.

    [[Page 2175]]

        From the day I took office, I've been fortunate to have outstanding
    economic advisers at the Treasury Department and in the White House. I'm
    deeply grateful to Secretary Paul O'Neill
    and Dr. Larry Lindsey for their leadership,
    particularly in the aftermath of September the 11th, 2001. They share
    credit for an historic tax relief and other economic policies that moved
    our economy from recession to growth.
        Paul and Larry
    are two of the most fine, honorable, decent men I've ever served with.
    They can be proud for all they have done for their country.
        There is important work ahead to bring greater economic growth in
    the new year. This economy is strong, and we can make it stronger. I'm
    eager for the task, and so is our next Secretary of the Treasury. And I
    hope the United States Senate will act quickly to confirm John Snow.

    [At this point, Secretary-designate Snow made brief remarks.]

        The President. Congratulations, sir. Welcome.
        Secretary-designate Snow. Thank you.
        The President. Thank you all.

    Note: The President spoke at 11 a.m. in Room 450 of the Dwight D.
    Eisenhower Executive Office Building. In his remarks, he referred to
    Carolyn Snow, wife of Secretary-designate Snow. The transcript released
    by the Office of the Press Secretary also included the remarks of
    Secretary-designate Snow. The Office of the Press Secretary also
    released a Spanish language transcript of these remarks.