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Economic Engine: Railroad Exec to Treasury
Aired December 09, 2002 - 13:02 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: President Bush is hoping a railroad official will engineer a recovery. John Snow is the Chairman of CSX, and as of today, he's the president's choice to lead a new economic lineup after last week's forced resignations.
CNN's Frank Buckley is standing by at the White House with more news of this nomination -- Frank.
FRANK BUCKLEY, CNN NATIONAL CORRESPONDENT: Kyra, President Bush says that John Snow will be a key adviser on the economy and a key advocate for the administration's agenda looking into next year of growth, more growth, more new jobs and more and wider international trade. His job is to reassure Main Street and to help better communicate the president's vision on the economy.
Here's what the president had to say and here's what Mr. Snow said.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: I'll be proposing specific steps to increase the momentum of our economic recovery and the treasury secretary will be at the center of this effort. Appreciate John's willingness to serve our country.
(END VIDEO CLIP)
(BEGIN VIDEO CLIP)
JOHN SNOW, CHAIRMAN, CSX: 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-size businesses and large businesses and investors all across America will grow and prosper.
(END VIDEO CLIP)
BUCKLEY: Now Mr. Snow will have to go through the confirmation process. It's probable that he will receive some questions on his membership in Augusta National Golf Club. That's the home of the Masters. It has been under attack recently for excluding women.
Ari Fleischer addressed that topic just a few moments ago. Here's what he had to say.
(BEGIN VIDEO CLIP) ARI FLEISCHER, WHITE HOUSE PRESS SECRETARY: Mr. Snow is in the process of stepping down from many of the boards and clubs that he belongs to. In this case, he is resigning his membership there. And that's the answer to your question.
(END VIDEO CLIP)
BUCKLEY: Snow will be replacing Paul O'Neill as Treasury Secretary if confirmed. The other key member of the economic team, Larry Lindsey, who also resigned on Friday, we are told will be replaced by Stephen Friedman, former Chairman of Goldman Sachs -- Kyra.
PHILLIPS: Interesting point that he is going to resign from Augusta National, Frank, makes quite a statement.
Frank Buckley, live from the White House, thank you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired December 9, 2002 - 13:02 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: President Bush is hoping a railroad official will engineer a recovery. John Snow is the Chairman of CSX, and as of today, he's the president's choice to lead a new economic lineup after last week's forced resignations.
CNN's Frank Buckley is standing by at the White House with more news of this nomination -- Frank.
FRANK BUCKLEY, CNN NATIONAL CORRESPONDENT: Kyra, President Bush says that John Snow will be a key adviser on the economy and a key advocate for the administration's agenda looking into next year of growth, more growth, more new jobs and more and wider international trade. His job is to reassure Main Street and to help better communicate the president's vision on the economy.
Here's what the president had to say and here's what Mr. Snow said.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: I'll be proposing specific steps to increase the momentum of our economic recovery and the treasury secretary will be at the center of this effort. Appreciate John's willingness to serve our country.
(END VIDEO CLIP)
(BEGIN VIDEO CLIP)
JOHN SNOW, CHAIRMAN, CSX: 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-size businesses and large businesses and investors all across America will grow and prosper.
(END VIDEO CLIP)
BUCKLEY: Now Mr. Snow will have to go through the confirmation process. It's probable that he will receive some questions on his membership in Augusta National Golf Club. That's the home of the Masters. It has been under attack recently for excluding women.
Ari Fleischer addressed that topic just a few moments ago. Here's what he had to say.
(BEGIN VIDEO CLIP) ARI FLEISCHER, WHITE HOUSE PRESS SECRETARY: Mr. Snow is in the process of stepping down from many of the boards and clubs that he belongs to. In this case, he is resigning his membership there. And that's the answer to your question.
(END VIDEO CLIP)
BUCKLEY: Snow will be replacing Paul O'Neill as Treasury Secretary if confirmed. The other key member of the economic team, Larry Lindsey, who also resigned on Friday, we are told will be replaced by Stephen Friedman, former Chairman of Goldman Sachs -- Kyra.
PHILLIPS: Interesting point that he is going to resign from Augusta National, Frank, makes quite a statement.
Frank Buckley, live from the White House, thank you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
