President Bush nominates Goldman Sachs Chairman Henry Paulson to be the new Treasury Secretary. He is to replace John Snow, whose resignation from the Cabinet will become official in June. Snow's departure had been widely expected.
John Snow took over at the Treasury just over three years ago, following the controversial tenure of Paul O'Neill, who clashed with President Bush over tax policy and the widening budget deficit.
The new secretary may not be able to improve on the strong growth and low unemployment figures seen in recent months, but the Bush administration hopes he will prove a better salesman for those results. The Senate will take up Paulson's confirmation after its Memorial Day recess.
Paulson is expected to start touring the country, touting the economy and the president's policies, as soon as he is confirmed.