SNOW BACKS STRONG DOLLAR IN REMARKS TO SENATE PANEL
John W. Snow, President Bush’s choice as Secretary of the Treasury, testified Tuesday at a confirmation hearing before the U.S. Senate’s Finance Committee that the administration would continue to favor a strong U.S. dollar.
The American economy is healing, but “we can and must do better. As long as there are Americans who want a job and can’t find one, the economy is not growing fast enough,” said Snow, who is chairman, president and chief executive officer of Richmond-based CSX Corp.
“Jobs give people dignity and they provide hope,” Snow said. “I know what it’s like to need a job, and I also know what it takes to create jobs.”
Snow disclosed holdings valued between $77 million and $297 million. If confirmed, Snow will sell his stock in CSX Corp and 60 other companies, putting the money in mutual funds. Snow also indicated that he would recuse himself from participating in any Treasury decisions regarding CSX, and give up a $15-million severance package.
Senate Majority Leader Bill Frist told Snow, “I’m confident you are the right person for this job at this time.”