Bush replaces Snow at Treasury
President Bush today named Henry Paulson, chief executive and chairman of banking giant Goldman Sachs Group, to be the next Treasury Secretary.
He would replace John Snow, who has held the position since 2003 and resigned over the weekend. The Senate must confirm Paulson before he can take office.
Speculation has intensified in recent weeks that Snow would be replaced after Bush shook up his White House team and announced Joshua Bolton as his new chief of staff. Many pundits initially believed Snow, the former head of the CSX railroad, would depart after Bush won re-election in 2004. Snow was widely considered out of the loop because the White House set fiscal policy, which he had trouble selling on Capitol Hill.
Robert Rubin, another Goldman Sachs CEO, headed the Treasury Department for four years during the Clinton administration.