Senate Finance Committee Hears from Treasury Secretary Nominee

WASHINGTON-John Snow, Virginia railroad magnate, testified before the Senate Finance Committee last week concerning his nomination by President George W. Bush to be the 73rd Treasury secretary. In his opening remarks, Snow touched on many recent events that have impacted the economy, including September 11, the war on terrorism, corporate scandals, and a declining stock market. He commented, “We must continue to move towards policies that will generate economic growth and more good jobs and rising living standards for all. As long as there are Americans who want a job and can’t find one, the economy is not growing fast enough. “That means rewarding hard work and encouraging savings, investment, and the entrepreneurial spirit that benefits everyone. Americans also benefit from a growing world economy and open markets. I am committed to President Bush’s initiatives to establish a more prosperous and stable international economy. “If confirmed, I will not be content until everyone who wants to work can find a good job. Jobs give people dignity and provide hope.” Snow also emphasized his hope that the committee, the agency, and the public can debate significant issues “with a high level of constructive discourse and also with mutual respect.” The committee’s ranking member, Max Baucus (D-Mont.), started out right away with suggestions for a Treasury Secretary nominee to keep in mind. His key points were to control the federal deficit, help the states out with their budgetary issues through one-time grants, and reduce taxes for all taxpayers. Senate Finance Committee Chairman Chuck Grassley (R-Iowa) also noted that some have taken issue with the generous salary and benefits Snow made at CSX prior to the Sarbanes-Oxley Act, and pointed out that everything was legal and that he would be giving up $15 million in salary, benefits, bonuses by accepting the Treasury secretary position. [email protected]