President Bush nominated
Chairman John Snow for the post of Treasury secretary, once again turning to corporate America to guide his administration's economic policy.
Bush also reportedly is set to name former Goldman Sachs co-chairman Stephen Friedman the new White House economic adviser. Friedman was co-chairman of Goldman with the Clinton administration's Treasury secretary, Robert Rubin.
The appointments follow the resignations Friday of Paul O'Neill and Larry Lindsey, moves said to be forced by Bush in an effort to clear the decks for new tax cuts and other fiscal stimulus. Indeed, Snow is a member of the Business Roundtable, a policy group that favors a $300 billion stimulus package similar to the one Bush has reportedly discussing with congressional leaders in recent days.
Snow held political appointments during the Ford administration as general counsel and assistant secretary of the Transportation Department.