Putting to rest rumors that he would replace John W. Snow as Treasury Secretary, President Bush has reportedly asked Snow to remain in his cabinet.

The news comes after weeks of speculation that Snow would be ousted during Bush's sweeping cabinet overhaul. Nine members of Bush's 15-person cabinet are departing their posts. As recently as early this week, media reports had cited White House officials and others as hinting that Snow would go and naming White House chief of staff Andrew H. Card Jr. and former Republican senator Phil Gramm as possible replacements.

"The president is pleased Secretary Snow agreed to continue to serve," White House spokesmen Scott McClellan told reporters Wednesday.

Snow -- an economist and former chairman and chief executive of CSX Corp. -- replaced ousted Treasury Secretary Paul H. O'Neill in early 2003. His post is expected to gain prominence during Bush's next term, as Social Security and tax code reform are set to be top White House priorities over the next four years.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access