WASHINGTON- President George W. Bush announced last Monday that CSX President and CEO John Snow would replace Paul O’Neill as Treasury secretary. CSX is one of America’s largest freight railroads. “As we look to a new year and a new Congress, John Snow will be a key advisor on the economy and a key advocate for my administration’s agenda for growth, new jobs and wider and more international trade,” Bush said in making the announcement. His chief economic advisor Larry Lindsey also stepped down. In accepting the nomination Snow stated, “I pledge to you to use all my talents, my power, my energy and my ability to strengthen the current economic recovery and create an environment where millions of job-creators-those small businesses and partnerships and medium-sized businesses and large businesses-and investors, all across America, will grow and prosper.” “I commend the president for his nomination of my fellow Ohioan John Snow to be the next Treasury Secretary of the United States,” House Financial Services Chairman Mike Oxley (R-Ohio) said of the nomination. “John’s record as a champion of corporate governance reform will serve the nation’s economy and its investors well as we all move past the recent spate of corporate misconduct.John Snow’s Main Street common sense, government experience, and free-market principles make him an excellent choice for Treasury Secretary. I look forward to working with him to strengthen our economy and to promote free trade with our neighbors around the world.” Snow holds a Ph.D. in economics and has taught in the field, as well as serving in the executive branch under two previous presidents. O’Neill, as well as chief economic advisor Larry Lindsey, cried `uncle’ in their struggle with an economy determined to remain weak and unemployment steadily rising. “My economic team has worked with me to craft and implement an economic agenda that helped to lead the Nation out of recession and back into a period of growth. I appreciate Paul O’Neill’s and Larry Lindsey’s important contributions to making this happen. Both are highly talented and dedicated, and they have served my administration and our nation well. I thank them for their excellent service,” Bush concluded. The national credit union trade associations have worked closely over the past two years with O’Neill and Lindsey, as well as their respective staffs. “We appreciate the time former Secretary O’Neill extended to listening to the credit union community,” NAFCU Director or Regulator Affairs Gwen Baker said. “We will continue to concentrate our efforts on the Office of Domestic Finance where the nuts and bolts of the administration’s policy affecting credit unions are developed.” She also noted that NAFCU had worked with Lindsey since he served in the first Bush administration and that he had always been receptive of credit union concerns. CUNA President and CEO Dan Mica commented, “During their tenure, both Secretary O’Neill and Mr. Lindsey showed a willingness to reach out and listen to the interests and views of credit unions, which we have greatly appreciated. Indeed, CUNA Chairman Barry Jolette was among those financial institution industry leaders to meet with Secretary O’Neill less than a month ago. And Mr. Lindsey proved himself to be well versed on credit union interests. We wish both Secretary O’Neill and Mr. Lindsey the very best in their future endeavors. In the future, credit unions look forward to working with their successors, and CUNA expects to meet with both in the coming weeks on behalf of credit unions.” [email protected]

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