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John Snow officially resigns from Cabinet

U.S. Treasury Secretary John Snow said on Thursday he had completed last day on the job.
/ Source: The Associated Press

Treasury Secretary John Snow officially resigned on Thursday with his replacement, Henry M. Paulson, expected to take over next week.

Snow made a stop at the Treasury press room to announce his own departure, saying he had turned in his letter and stepped down effective at 6 p.m.

Snow told reporters he had not been able to discuss future job opportunities while in office. But he said he would consider a range of possibilities, including signing up with a speaker’s bureau and joining a financial firm.

“I am pleased to be entering the ranks of the unemployed at a time of strong growth made possible by the president’s tax cuts,” said Snow. He was a tireless salesman for President Bush’s economic program during his three years in the Cabinet.

Paulson, the head of Goldman Sachs, one of Wall Street’s premier investment firms, was confirmed by the Senate on Wednesday.

Until Paulson is sworn in, which is expected next week, Deputy Treasury Secretary Robert Kimmitt will be acting secretary, Snow said.

Snow’s departure was part of a White House shake-up designed to re-energize the administration. The changes came when the president had low approval ratings and many of his domestic initiatives, including Social Security overhaul, have stalled in Congress.