    [Public Papers of the Presidents of the United States: George W. Bush (2003, Book I)]
    [February 7, 2003]
    [Pages 139-140]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks at the Swearing-In Ceremony for John Snow
    as Secretary of the Treasury
    February 7, 2003

        Listen, thank you all for coming, and good morning. Today we welcome
    John Snow as the 73d Secretary of the Treasury. In this position John
    Snow will be a key adviser on the economy, will be an advocate for my
    administration's agenda of faster growth, more new jobs, and wider
    trade. John has had a distinguished career, both in the private sector
    and the public sector. And I am so pleased to have him join in my
    Cabinet. And I am grateful for his willingness to serve our Nation once
    again.
        I want to thank Judge Wilkinson  Harvie III
    for swearing in his good buddy. [Laughter] Thank you for coming, Judge.
    I'm honored you and your wife are here. I'm also so pleased that the
    Snows are with us; Carolyn and all the Snows
    are up here with us. [Laughter] Thank you all for coming. I want to
    thank Donnie Evans, who is the Secretary of
    Commerce, for being here; Ken Dam, the Deputy
    Secretary of the Treasury, who serves so well in that position; other
    distinguished guests who are here to witness this swearing-in. I want to
    thank all of those who work in the Department of the Treasury for
    joining us today as well.
        Secretary Snow takes office at a time of challenge for this country.
    The American economy is in its second consecutive year of growth; yet it
    is not growing fast enough. The economy is not strong enough. Many
    family budgets are strained in America today. Too many small businesses
    are struggling just to stay afloat. The Nation's rate of unemployment
    was 5.7 percent last month, down from the prior months. But we will not
    be satisfied until this economy grows fast enough to employ every man
    and woman who seeks a job.
        We will work with the United States Congress to address these
    challenges. And John Snow will be on point and working with the
    Congress. I proposed a plan to boost the economy with tax relief for
    every American who pays Federal income taxes.
        Here's what we believe: By leaving more money in the hands that
    earned it, we will stimulate consumer spending and encourage investment,
    so that businesses large and small can expand and employ more people.
        We know the role of Government is not to create wealth, but an
    environment in which the entrepreneurial spirit flourishes. We know that
    businesses hire when they grow, and they grow when they invest. And so
    our proposal will promote capital formation. It is important for
    Congress to remember that most small businesses are sole proprietorships
    or limited partnerships. And when we cut individual tax rates, we are
    stimulating capital formation in the small-business sector of America.
        Our proposal will promote capital formation and investment by ending
    the unfair double taxation on dividends. Not only will this proposal
    help when it comes for job creation; it will help all investors,
    including nearly 10 million seniors who receive dividend income.
        The Secretary of Treasury has been to Capitol Hill a lot already.
    [Laughter] And he went up there recently to talk about the budget I
    submitted to the Congress. This budget calls for spending discipline in
    Washington, DC. We believe the best way to deal with our deficits is to
    encourage economic growth and encourage spending discipline in
    Washington, DC.
        In addition to his work as economic adviser and economic spokesman
    for the country and for this administration, Secretary Snow will lead
    one of the oldest, largest, and most important departments of our
    Government. The Department of Treasury bears responsibility for a wide
    range of important tasks, from minting our

    [[Page 140]]

    Nation's currency to stopping the flow of money to terrorist groups.
        I appreciate the good work of the dedicated men and women throughout
    this Department. And you can rest assured that your new boss is a superb
    executive and a fine man, with a good heart. John will be an active
    advocate for policies that encourage economic growth. And he'll be a
    good steward of the taxpayers' dollars. And that is fitting, because
    very soon each one of those dollars will bear the signature of Secretary
    John Snow.
        Congratulations.

    Note: The President spoke at 11 a.m. in the Cash Room at the Treasury
    Building. In his remarks, he referred to Chief Judge J. Harvie Wilkinson
    III of the U.S. Court of Appeals for the Fourth Circuit and his wife,
    Lossie; and Carolyn Snow, wife of Secretary Snow. The transcript
    released by the Office of the Press Secretary also included the remarks
    of Secretary Snow.