Outgoing Treasury Secretary John Snow was seen as a loyal but uninspired cheerleader for a roaring United States economy that has been one of the few bright spots for US President George Bush in his second term.
Snow’s impending departure has been one of Washington’s worst-kept secrets, with rumours circulating for weeks that the former railway executive was to become yet another casualty of a continuing White House shake-up.
Bush finally confirmed on Tuesday that Snow was indeed being shown the door, tempering the dismissal however, with words of praise.
”Under his leadership we have seen a broad and vigorous economy resurgence,” the president said at the White House.
”He’s been a steady advocate for small business and entrepreneurialism and working families. And he’s helped deliver jobs and opportunities for the American people,” Bush said, introducing star investment banker Hank Paul, CEO at Goldman Sachs, as Snow’s successor.
Snow thanked the president for the ”terrific honour” of serving the country over the past three years, and said he returns to private life ”with a great sense of satisfaction in what has been accomplished over the last three-and-a-half years”.
Calm and amiable, Snow was a sharp contrast to his straight-talking predecessor Paul O’ Neill, who quit in rancour and later contributed to a book entitled The Price of Loyalty, painting a damning picture of the Bush government.
Snow was sworn in on February 3 2003 to bring the Treasury Department back ”on message” in selling the administration’s tax-cut policy. He fulfilled that mission, getting a $350-billion, second round of tax cuts through Congress in 2003.
Supporters said Snow made up in loyalty what he lacked in flamboyance, proving to be one of the president’s reliable boosters as he talked up Bush’s huge tax cuts as being responsible for stimulating economic growth and job creation.
But Snow failed to persuade the majority of Americans that they are enjoying unprecedented prosperity, despite generally strong employment and productivity figures.
Rather than riding high in the polls as the economic indicators might have predicted, the president’s approval ratings have slumped, with his stewardship of the economy receiving a gloomy appraisal at a time of rising gasoline prices and continued setbacks in Iraq.
A one-time official at the department of transportation with a background in economics and law, Snow had previously served as chairperson and chief executive of railroad giant CSX, the largest rail freight network in the eastern US.
The father of three, he also holds a doctorate in economics from the University of Virginia, as well as a law degree from George Washington University. — AFP
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