[Weekly Compilation of Presidential Documents Volume 38, Number 50 (Monday, December 16, 2002)]
[Pages 2141-2142]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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

[[Page 2142]]

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.
    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 Presidential Hall in 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.