USA: Snow making policy statements; not yet confirmed by Senate

John Snow, US President Bush's nominee to replace the lame duck Treasury Secretary Paul O'Neill, has his interview with the Senate Finance Committee yesterday but despite Bush's non-too subtle support for Snow earlier in the day the Committee did not reach a decision.

Bush had said "I want to welcome Tom Ridge, newly confirmed member of my Cabinet. I appreciate the Senate moving quickly. I asked the Senate to move quickly on the nomination of John Snow, as well. He's having his hearing today. They'll find that John is a very capable, smart person who will do a fine job as the Secretary of Treasury. I look forward to having him join us here at this table." There is a difference: Ridge was moving up; Snow is moving in. And he is already making policy statements.

The leader of the Senate committee, Charles Grassey, apparently wants his committee to make a decision today, so that the full Senate can vote tomorrow. That would mean that Snow would be able to address the Committee on the effects of the President's tax proposals.

Not that what Snow has to say will be any surprise: although he remains - officially - outside the Cabinet, Snow has been making policy statements and comments about the new tax and economic strategy.

He has said that he favours a strong dollar and that the new tax regime will not mean a significant increase in budget deficit. In business, he was against the government running a deficit: changing sides seems to mean changing tack.

Apparently, Snow told the Senate Committee that he really did not approve of employees gaining stock options and selling out quickly, so deflating the stock price of the companies. He said that stock options were intended as a long term mechanism to secure the stability of businesses and the tendency to sell out as stock rose fast acted to militate against that aim.

The interview (which, cynics say was not an appointment interview but a dis-appointment interview in which he could only turn victory into loss) lasted nearly four hours. Reports of a charge of driving a car under the influence of alcohol and a dispute over maintenance payments to his former wife were not raised.

The former is in stark contrast to the situation regarding the president of Canadian province British Columbia who is in serious trouble after being caught driving whilst drunk and now faces meltdown in his popularity rating.