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May 30, 2006
JS-4293
Statement of Treasury Secretary
John W. Snow on Resignation
Thank you for those gracious words.
It has been a great honor to serve as the 73rd Secretary of the Treasury and I will always be grateful to you for the opportunity you gave me. But as you know I have looked forward for some time to returning to private life. I do so with a great sense of satisfaction in what has been accomplished over the last 3-1/2 years.
Your economic policies have put the American economy on a strong upward path. I have been pleased to have had a part in working with you to advance those policies.
The American economy today is growing and expanding at a rate well above the rest of the industrialized world. Businesses are investing, productivity growth is strong and millions of new jobs have been created. The foundations for continued prosperity are well in place.
At a critical time in our country's economic history you recognized the need for tax relief to lower the marginal tax rates on work and on savings and investment. Those policies lie at the heart of the recovery we are now enjoying, a recovery which has also seen a dramatic increase in federal revenues.
With this increase in government receipts and the strict control on spending that you have advocated it is clear now that we are on a path to meet your target of cutting the deficit in half ahead of schedule.
The real deficit issue as you have said often is the unfunded obligations that loom ahead. Because of your leadership we are on a stronger footing to address these challenges.
Thanks to your leadership the Treasury Department today is in the forefront of the war on terror, using the authorities at our disposal to identify and disrupt terrorists and their funding networks and following the financial trail they leave. Terrorists are motivated by hatred but they need money to carry on their evil activities. By going after the money, Treasury is playing a key role in the war on terror.
It has been a great honor indeed to work with the extraordinarily able and dedicated people of the Treasury Department. They reflect the best traditions of public service and I will forever be grateful to them for all their support.
Hank Paulson is a superb choice to lead the Treasury Department. He is an old friend, somebody I admire and respect deeply. He is a proven executive with wide ranging business and finance experience combined with a keen sense of public service. Hank will be a great addition to your Administration.
Thank you again, Mr. President, for your support. As I prepare to take my leave I wish you all the best in the years to come as you lead this great country. As always, you will have my full support.
REPORTS