Text: Bush With Paulson and Snow

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By The Associated Press
The Associated Press
Tuesday, May 30, 2006; 9:55 AM

-- Text of President Bush's announcement Tuesday of Treasury Secretary John Snow's resignation and his nomination of Henry M. Paulson Jr. as his successor, as transcribed by CQ Transcriptions.

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PRESIDENT BUSH: Good morning. Welcome to the White House.

I'm pleased to announce that I will nominate Henry Paulson to be the secretary of the treasury.

For the past for eight years, Hank has served as chairman and chief executive officer of the Goldman Sachs Group. It's one of the most respected firms on Wall Street.

He has a lifetime of business experience, he has an intimate knowledge of financial markets, and an ability to explain economic issues in clear terms. He's earned a reputation for candor and integrity. And when he is confirmed by the Senate, he'll be a superb addition to my Cabinet.

Secretary of the treasury has one of the most important jobs in the federal government. The treasury secretary is responsible for recommending and implementing policies dealing with taxes, financial markets, federal spending, trade and other issues affecting the health and competitiveness of the American economy.

The treasury secretary overseas the minting of U.S. currency, the management of public finances and the enforcement of important laws, including our efforts to crack down on terrorist financing.

The treasury secretary is the leading force on my economic team and the chief spokesman for my economic policies.

For the past three years, Secretary John Snow has shown strong leadership in carrying out these responsibilities.

John answered the call to public service in a time of uncertainty for our economy.

And under his leadership we have seen a broad and vigorous economy resurgence. He's been a steady advocate for small business and entrepreneurialism and working families. And he's helped deliver jobs and opportunities for the American people. I appreciate his years of service to our country.


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© 2006 The Associated Press

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