Bush repeats previous Treasury strategy

You can see the brain cells working: there is no point in redefining a strategy, is there?

So the selection process that led to Paul O'Neill sitting in the Treasury seat has been followed again.

Bush has cast around big business and looked for someone running a large corporation (his choice has been limited by the fact that so many of those doing that a year ago are now in disgrace).

The Bush view that the economy is a business (that has some merit) and to ignore the political aspects of business (that is, surely, his achilles heel).

Bush has nominated railroad executive and former government transportation official John Snow as Treasury secretary to replace O'Neill.

Snow said he will work closely with other countries "to build and maintain a prosperous, growing and stable global economy" and prosecute the war on terror. So, no change there then.

Snow is chairman, president and chief executive officer of CSX Corporation, which operates the largest rail freight network in the eastern United States. CSX also links with freight transporters in Mexico and Canada and operates freight ocean liners between the United States, Guam and Puerto Rico. The company operates freight terminals in Hong Kong, China, Australia, Europe, Russia and Latin America, according to CSX's Web site. Snow has not let this complex task get in the way of his politics: he was deputy under secretary of transportation in the Ford administration and was instrumental formulating policy leading to economic deregulation of the rail, truck and aviation industries, says the White House. He has been active in the Business Roundtable, an association of corporate chief executive officers and in that position played a leadership role in supporting passage of the North American Free Trade Agreement (NAFTA), a statement said.

In addition, Snow is currently co-chairman of the Conference Board Commission on Public Trust and Private Enterprise. He served as co-chairman of the National Commission on Financial Institution Reform, Recovery and Enforcement that made recommendations following the savings and loan crisis of the early 1990s. In 2001, he was awarded the Marco Polo Award, the highest honor given to a foreign business leader by the U.S.-China Foundation for International Exchanges, the statement said. Snow holds a doctorate in economics and a law degree.

Snow's nomination (the Senate has to confirm the appointment) has been welcomed by several groups:

The Financial Services Forum, a group of Chief Executive Officers of large diversified financial services companies, gave its its "strong support" for President Bush's nomination of John W. Snow. The group called Snow exceptionally well qualified to lead the Department, and urged a quick confirmation by the Senate. "Jack Snow is the right man at the right time," said William Harrison, Chairman of the Forum and CEO of J.P. Morgan Chase. "He brings a wealth of experience in both the public and private sectors and has strong leadership skills that the financial community widely respects," said Harrison.

The members of the American Business Conference (ABC), CEOs of fast-growing midsize American companies, praised President Bush's appointment of John Snow. John Endean, ABC's president, said: "Our CEO-members were pleased that President Bush moved both wisely and quickly to name a new Treasury Secretary. At a time of considerable challenges for the American economy, it was crucial to get someone on board as soon as possible. In turning to Mr. Snow, the President has selected a man of deep experience, undoubted integrity, and first-rate intellectual ability."

NASDAQ also gave its enthusiastic support to President George W. Bush's nomination of John W. Snow. "We commend the President's nomination of John Snow to serve as Secretary of the Treasury and the quick action taken to fill this crucial Cabinet position," said Wick Simmons, Chairman and CEO of NASDAQ. "We look forward to working with John to help rebuild Main Street's confidence in Wall Street."