John Snow to Remain US Treasury Secretary

John Snow has accepted President George W. Bush's request to remain as the US Treasury secretary, bringing an end to speculation about his departure. The announcement follows a week of rumors in the Washington Post and New York Times suggesting that Snow's tenure was at an end. The Bush administration's ambitious second-term agenda includes reforming Social Security, the US pension system, and the tax system. The Treasury will take the lead on tax reform, while an advisory panel will report to Snow.

Key Takeaways:

• John Snow has agreed to remain as US Treasury secretary, accepting President George W. Bush's request.
• The Treasury will lead on tax reform, with proposals expected to be sent to the White House next year.
• An advisory panel will report to Snow on tax reform, with the aim of co-ordinating the effort to reform Social Security.
• Critics have claimed that the Treasury has been ineffective, but this is attributed to economic policymaking concentrated in the White House.
• Snow has been a loyal supporter of Bush, making frequent appearances in key battleground states during the election campaign.
• The strong dollar policy, introduced by Robert Rubin, has been maintained by Snow to prevent currency intervention to weaken the dollar.
• Stephen Friedman, director of the National Economic Council, is stepping down, and Greg Mankiw, chairman of the Council of Economic Advisers, is expected to return to his academic post at Harvard.
• Snow joined the administration in 2003, after most of the big decisions on tax cuts had been made.

Statistics:

• 2003: John Snow joined the administration.
• 2 years: The dollar has declined over the past two years.
• 1990s: Robert Rubin introduced the strong dollar policy.
• 1 year: Treasury officials previously indicated that Snow was likely to remain in office for about a year.

Sources:

• Washington Post []
• New York Times []
• White House []
• Andrew Balls [Washington]