[Weekly Compilation of Presidential Documents Volume 39, Number 6 (Monday, February 10, 2003)]
[Pages 167-168]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 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 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

[[Page 168]]

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 Carolyn 
Snow, wife of Secretary Snow. The transcript released by the Office of 
the Press Secretary also included the remarks of Secretary Snow.