President Bush has nominated the chairman and chief executive of investment banking firm Goldman Sachs, Henry M. Paulson Jr., as Treasury Secretary.

In a long-rumored departure, John W. Snow announced Tuesday that he would resign from the post . "It has been a great honor to serve ... [but] I have looked forward for some time to returning to private life," Snow said in a statement. "I do so with a great sense of satisfaction in what has been accomplished over the last three-and-a-half years."

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