John W. Snow
Encyclopedia
| image=John W. Snow.jpg
|imagesize = 250px
| order=73rd
| title=United States Secretary of the Treasury
| term_start=February 3, 2003
| term_end=June 28, 2006
| predecessor=Paul O'Neill
| successor=Henry Paulson
| birth_date=August 02, 1939 (age 72)
| birth_place=Toledo
, Ohio
| religion= Methodist
| death_place=
| party=Republican
| alma_mater=University of Toledo
(B.A.
)
University of Virginia
(Ph.D.
)
George Washington University Law School (J.D.
)
| profession=
| signature=John W Snow sig.jpg
}}
John William Snow (born August 2, 1939, in Toledo, Ohio
) was the CEO of CSX Corporation
, and served as the 73rd United States Secretary of the Treasury
under U.S. President
George W. Bush
. He replaced Secretary Paul O'Neill on February 3, 2003 and was succeeded by Henry Paulson
on July 3, 2006, in a move that had been anticipated. Snow submitted a letter of resignation on May 30, 2006, effective "after an orderly transition period for my successor." Snow announced on Thursday, June 29, 2006 that he had completed his last day on the job; Robert Kimmitt served as acting secretary until Paulson was sworn in.
Following his departure from government service, the private Cerberus Capital Management group, currently managing Chrysler Corporation during the 'bailout' or 'government aid to the domestic automakers' period, appointed John Snow chairman as announced in a press release on October 19, 2006 [effective at that time].
, in 1939, Snow attended high school at Gilmour Academy
in Gates Mills, Ohio
. He did his undergraduate studies at Kenyon College
(where he was a member of the Delta Tau Delta
fraternity) and the University of Toledo
, from which he received a B.A.
in 1962. He received a Ph.D.
in economics
from the University of Virginia
in 1965. From 1965 to 1968, he was an Assistant Professor of Economics at the University of Maryland
. He completed a Juris Doctor
at the George Washington University Law School in 1967 and then worked at the Washington, DC law firm
of Wheeler & Wheeler from 1967 to 1972.
Snow lives in Richmond
, Virginia
with his wife Carolyn. He has three children and four grandchildren.
Snow's alma mater, Kenyon College, awarded him an honorary LL.D. in 1993. He has also received the U.S. Department of Transportation Secretary's Outstanding Achievement Award and has been named a Distinguished Fellow by the Yale School of Management
.
for the Department of Transportation
; in 1973-74, as Deputy Assistant Secretary for Policy, Plans and International Affairs; and in 1974-75, as Assistant Secretary for Governmental Affairs in the Department of Transportation.
In 1975, Snow left GWU Law School and took up the full-time position of Deputy Undersecretary in the Department of Transportation. In 1976 he left this post when he was named as Administrator of the National Highway Traffic Safety Administration
.
With the election of Jimmy Carter
, Snow departed public life in 1977. During his transition period out of public life, in Spring 1977, he served as a Visiting Professor of Economics at the University of Virginia
and as a Visiting Fellow at the American Enterprise Institute
. In addition, he was named a Distinguished Fellow at the Yale School of Management
from 1978 until 1980.
, a holding company
that owned three American railroads: the Chesapeake and Ohio Railway
, a.k.a. the C&O (for which the Chessie System was named); the Western Maryland Railway
; and the Baltimore and Ohio Railroad
(the B&O of Monopoly
fame).
In 1980, Chessie System merged with another railroad holding company, Seaboard Coast Line Industries
, to form CSX Corporation
, and Snow became CSX's Senior Vice President-Corporate Services at their new headquarters in Richmond, Virginia
. In 1984, he was promoted to Executive Vice President.
In 1985, CSX installed Snow as President and CEO of their B&O Railroad and he oversaw its merger with their C&O Railway in 1986. This created a new entity, CSX Transportation
, headquartered in Jacksonville, Florida
. Snow became the President and CEO of CSX Transportation.
In 1988, Snow left CSX Transportation (the railroad) to become President and Chief Operating Officer of CSX Corporation (the holding company). As of April 1989, he was President and Chief Executive Officer of CSX. From 1991, he also served as CSX's Chairman. He continued to hold all three posts until he was named Secretary of the Treasury in 2003.
In his drive for efficient capital investment,Snow cut $2.4. billion between 1984-1993. Part of the savings was effected by using 3 instead of 4 engines on some hauls. Other savings were effected by huge deferred maintenance and deferred safety measures. CSX was found guilty of flagrant violation of the public trust in the infamous Orlon switch case which resulted in punitive damage awards totaling $88 million dollars. Due to an agreement called idemnification, Amtrak was forced to pay the entire amount even though the Federal Railroad Administration ruled the accident to be CSX's fault. The FRA fined CSX the maximum penalty of $20,000.
Part of CSX, CSX Lines was sold to The Carlyle Group
, early in 2003. After Snow left the company for the White House, CSX sold its international port operations to the UAE company, Dubai Transport.
's campaign for the presidency in 1980, Snow was a member of Governor Reagan's four-man advisory group on regulatory policy. Following his election victory, President-Elect Reagan named Snow as Vice Chairman of his Transportation Transition Team.
Snow would go on to serve on the White House Conference for a Drug Free America; the Services Policy Advisory Committee of the U.S. Trade Representative; as Co-Chair of the National Commission on Financial Institution Reform, Recovery and Enforcement; the National Commission on Intermodal Transportation; the National Commission on Economic Growth and Tax Reform; as a Trustee of the Virginia Museum of Fine Arts
; and as a Member of the Richmond City School Board.
He was the co-chairman of the Conference Board
's Blue-Ribbon Commission on Public Trust and Private Enterprise. He also served as co-chairman of the National Commission on Financial Institution Reform, Recovery and Enforcement in 1992 that made recommendations following the savings and loan crisis
.
From 1994 through 1996, he was Chairman of the Business Roundtable
, a business policy group of 250 chief executive officers of the nation's largest companies, and played a major role in supporting passage of the North American Free Trade Agreement
.
Industries, Inc.; Circuit City Stores, Inc.; NationsBank Corp.; Textron Inc.; USX Corporation; the U.S.-Japan Business Council; Verizon Communications
; and the Association of American Railroads
.
He has served on the Board of Trustees of the Johns Hopkins University and the University of Virginia Darden School Foundation
.
He has been a member of the Business Roundtable; the Executive Committee of The Business Council; the Virginia Business Council; and the National Coal Council.
On October 19, 2006, John W. Snow was named chairman of Cerberus Capital Management
.
On August 15, 2007, Snow was appointed the inaugural Newman Visiting Fellow at the Miller Center of Public Affairs
at the University of Virginia
.
Since 1992, Snow has been an avid supporter of Israel as he stated on Charleston, South Carolina's Good Morning Charleston television program.
on January 13, 2003 and unanimously confirmed by the US Senate
.
In May 2004, it was revealed that Snow's brokers had bought $10 million of debt issued by Fannie Mae and Freddie Mac on the day and day after Snow was sworn into office as Treasury Secretary. Snow claimed this was done without his knowledge in February 2003. When Snow found out, he divested the debt holdings. A Treasury ethics lawyer has found that the holdings did not represent a conflict of interest but had the potential to do so in the future.
On May 26, 2006 Snow announced that he would resign effective July 3. He said the White House would make an official statement the following week. On May 30, it was formally announced that Snow would leave this position. On this same day, it was announced that President George W. Bush had nominated Henry Paulson
, CEO of Goldman Sachs
, to replace Snow.
Snow was forced to resign when it was uncovered that Snow failed to pay income taxes on the $24 million of loan forgiveness he received while CEO of CSX Corporation. Bush stated publicly that he wanted a “new face” to head the Treasury Dept., even though the stock market grew 40% during Snow’s tenure as secretary.
of China as advisor to the board of directors.
|imagesize = 250px
| order=73rd
| title=United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
| term_start=February 3, 2003
| term_end=June 28, 2006
| predecessor=Paul O'Neill
| successor=Henry Paulson
Henry Paulson
Henry Merritt "Hank" Paulson, Jr. is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.-Early life and family:...
| birth_date=August 02, 1939 (age 72)
| birth_place=Toledo
Toledo, Ohio
Toledo is the fourth most populous city in the U.S. state of Ohio and is the county seat of Lucas County. Toledo is in northwest Ohio, on the western end of Lake Erie, and borders the State of Michigan...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
| religion= Methodist
| death_place=
| party=Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
| alma_mater=University of Toledo
University of Toledo
The University of Toledo is a public university in Toledo, Ohio, United States. The Carnegie Foundation classified the university as "Doctoral/Research Extensive."-National recognition:...
(B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
)
University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
(Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
)
George Washington University Law School (J.D.
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
)
| profession=
| signature=John W Snow sig.jpg
}}
John William Snow (born August 2, 1939, in Toledo, Ohio
Toledo, Ohio
Toledo is the fourth most populous city in the U.S. state of Ohio and is the county seat of Lucas County. Toledo is in northwest Ohio, on the western end of Lake Erie, and borders the State of Michigan...
) was the CEO of CSX Corporation
CSX Corporation
CSX Corporation was formed in 1980 by the merger of Chessie System and Seaboard Coast Line Industries and eventually merged the various railroads owned by those predecessors into a single line that became known as CSX Transportation. Based in Richmond, Virginia, USA after the merger, in 2003...
, and served as the 73rd United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
under U.S. President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
. He replaced Secretary Paul O'Neill on February 3, 2003 and was succeeded by Henry Paulson
Henry Paulson
Henry Merritt "Hank" Paulson, Jr. is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.-Early life and family:...
on July 3, 2006, in a move that had been anticipated. Snow submitted a letter of resignation on May 30, 2006, effective "after an orderly transition period for my successor." Snow announced on Thursday, June 29, 2006 that he had completed his last day on the job; Robert Kimmitt served as acting secretary until Paulson was sworn in.
Following his departure from government service, the private Cerberus Capital Management group, currently managing Chrysler Corporation during the 'bailout' or 'government aid to the domestic automakers' period, appointed John Snow chairman as announced in a press release on October 19, 2006 [effective at that time].
Background
Born in Toledo, OhioToledo, Ohio
Toledo is the fourth most populous city in the U.S. state of Ohio and is the county seat of Lucas County. Toledo is in northwest Ohio, on the western end of Lake Erie, and borders the State of Michigan...
, in 1939, Snow attended high school at Gilmour Academy
Gilmour Academy
Gilmour Academy is an independent, Roman Catholic, coeducational, college-preparatory school in the Cleveland suburb of Gates Mills, Ohio. Founded in 1946 by the Brothers of Holy Cross, it offers a Montessori preschool program and traditional kindergarten through grade 12. A boarding program is...
in Gates Mills, Ohio
Gates Mills, Ohio
Gates Mills is a village in Cuyahoga County, Ohio, United States. The population was 2,270 at the 2010 census. Gates Mills is an affluent suburb of Cleveland...
. He did his undergraduate studies at Kenyon College
Kenyon College
Kenyon College is a private liberal arts college in Gambier, Ohio, founded in 1824 by Bishop Philander Chase of The Episcopal Church, in parallel with the Bexley Hall seminary. It is the oldest private college in Ohio...
(where he was a member of the Delta Tau Delta
Delta Tau Delta
Delta Tau Delta is a U.S.-based international secret letter college fraternity. Delta Tau Delta was founded in 1858 at Bethany College, Bethany, Virginia, . It currently has around 125 student chapters nationwide, as well as more than 25 regional alumni groups. Its national community service...
fraternity) and the University of Toledo
University of Toledo
The University of Toledo is a public university in Toledo, Ohio, United States. The Carnegie Foundation classified the university as "Doctoral/Research Extensive."-National recognition:...
, from which he received a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in 1962. He received a Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
in 1965. From 1965 to 1968, he was an Assistant Professor of Economics at the University of Maryland
University of Maryland, College Park
The University of Maryland, College Park is a top-ranked public research university located in the city of College Park in Prince George's County, Maryland, just outside Washington, D.C...
. He completed a Juris Doctor
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
at the George Washington University Law School in 1967 and then worked at the Washington, DC law firm
Law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
of Wheeler & Wheeler from 1967 to 1972.
Snow lives in Richmond
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
with his wife Carolyn. He has three children and four grandchildren.
Snow's alma mater, Kenyon College, awarded him an honorary LL.D. in 1993. He has also received the U.S. Department of Transportation Secretary's Outstanding Achievement Award and has been named a Distinguished Fellow by the Yale School of Management
Yale School of Management
The Yale School of Management is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers Master of Business Administration and Ph.D. degree programs. As of January 2011, 454 students were enrolled in its MBA...
.
Public service during the Nixon-Ford period
In 1972, Snow left Wheeler & Wheeler and took up a position as Assistant Professor of Law at the George Washington University Law School. During the 3 years he spent with the GWU Law School, Snow also held positions in the US government: in 1972-73, as Assistant General CounselGeneral Counsel
A general counsel is the chief lawyer of a legal department, usually in a corporation or government department. The term is most used in the United States...
for the Department of Transportation
United States Department of Transportation
The United States Department of Transportation is a federal Cabinet department of the United States government concerned with transportation. It was established by an act of Congress on October 15, 1966, and began operation on April 1, 1967...
; in 1973-74, as Deputy Assistant Secretary for Policy, Plans and International Affairs; and in 1974-75, as Assistant Secretary for Governmental Affairs in the Department of Transportation.
In 1975, Snow left GWU Law School and took up the full-time position of Deputy Undersecretary in the Department of Transportation. In 1976 he left this post when he was named as Administrator of the National Highway Traffic Safety Administration
National Highway Traffic Safety Administration
The National Highway Traffic Safety Administration is an agency of the Executive Branch of the U.S. government, part of the Department of Transportation...
.
With the election of Jimmy Carter
Jimmy Carter
James Earl "Jimmy" Carter, Jr. is an American politician who served as the 39th President of the United States and was the recipient of the 2002 Nobel Peace Prize, the only U.S. President to have received the Prize after leaving office...
, Snow departed public life in 1977. During his transition period out of public life, in Spring 1977, he served as a Visiting Professor of Economics at the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
and as a Visiting Fellow at the American Enterprise Institute
American Enterprise Institute
The American Enterprise Institute for Public Policy Research is a conservative think tank founded in 1943. Its stated mission is "to defend the principles and improve the institutions of American freedom and democratic capitalism—limited government, private enterprise, individual liberty and...
. In addition, he was named a Distinguished Fellow at the Yale School of Management
Yale School of Management
The Yale School of Management is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers Master of Business Administration and Ph.D. degree programs. As of January 2011, 454 students were enrolled in its MBA...
from 1978 until 1980.
Career in the railway industry
Snow's years with the Department of Transportation proved useful to him, as in 1977, he became the Vice President in charge of Governmental Affairs for Chessie System, Inc.Chessie System
Chessie System, Inc. was a holding company that owned the Chesapeake and Ohio Railway , the Baltimore and Ohio Railroad , the Western Maryland Railway , and several smaller carriers. It was incorporated in Virginia on February 26, 1973, and it acquired the C&O on June 15...
, a holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
that owned three American railroads: the Chesapeake and Ohio Railway
Chesapeake and Ohio Railway
The Chesapeake and Ohio Railway was a Class I railroad formed in 1869 in Virginia from several smaller Virginia railroads begun in the 19th century. Led by industrialist Collis P...
, a.k.a. the C&O (for which the Chessie System was named); the Western Maryland Railway
Western Maryland Railway
The Western Maryland Railway was an American Class I railroad which operated in Maryland, West Virginia, and Pennsylvania. It was primarily a coal hauling and freight railroad, with a small passenger train operation. The WM became part of the Chessie System in 1973 and ceased operating its lines...
; and the Baltimore and Ohio Railroad
Baltimore and Ohio Railroad
The Baltimore and Ohio Railroad was one of the oldest railroads in the United States and the first common carrier railroad. It came into being mostly because the city of Baltimore wanted to compete with the newly constructed Erie Canal and another canal being proposed by Pennsylvania, which...
(the B&O of Monopoly
Monopoly (game)
Marvin Gardens, the leading yellow property on the board shown, is actually a misspelling of the original location name, Marven Gardens. The misspelling was said to be introduced by Charles Todd and passed on when his home-made Monopoly board was copied by Charles Darrow and thence to Parker...
fame).
In 1980, Chessie System merged with another railroad holding company, Seaboard Coast Line Industries
Seaboard Coast Line Industries
Seaboard Coast Line Industries, Inc., incorporated in Delaware on May 9, 1969, was a railroad holding company that owned the Seaboard Coast Line Railroad, its subsidiary Louisville and Nashville Railroad, and several smaller carriers. Its railroad subsidiaries were collectively known as the Family...
, to form CSX Corporation
CSX Corporation
CSX Corporation was formed in 1980 by the merger of Chessie System and Seaboard Coast Line Industries and eventually merged the various railroads owned by those predecessors into a single line that became known as CSX Transportation. Based in Richmond, Virginia, USA after the merger, in 2003...
, and Snow became CSX's Senior Vice President-Corporate Services at their new headquarters in Richmond, Virginia
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
. In 1984, he was promoted to Executive Vice President.
In 1985, CSX installed Snow as President and CEO of their B&O Railroad and he oversaw its merger with their C&O Railway in 1986. This created a new entity, CSX Transportation
CSX Transportation
CSX Transportation operates a Class I railroad in the United States known as the CSX Railroad. It is the main subsidiary of the CSX Corporation. The company is headquartered in Jacksonville, Florida, and owns approximately 21,000 route miles...
, headquartered in Jacksonville, Florida
Jacksonville, Florida
Jacksonville is the largest city in the U.S. state of Florida in terms of both population and land area, and the largest city by area in the contiguous United States. It is the county seat of Duval County, with which the city government consolidated in 1968...
. Snow became the President and CEO of CSX Transportation.
In 1988, Snow left CSX Transportation (the railroad) to become President and Chief Operating Officer of CSX Corporation (the holding company). As of April 1989, he was President and Chief Executive Officer of CSX. From 1991, he also served as CSX's Chairman. He continued to hold all three posts until he was named Secretary of the Treasury in 2003.
In his drive for efficient capital investment,Snow cut $2.4. billion between 1984-1993. Part of the savings was effected by using 3 instead of 4 engines on some hauls. Other savings were effected by huge deferred maintenance and deferred safety measures. CSX was found guilty of flagrant violation of the public trust in the infamous Orlon switch case which resulted in punitive damage awards totaling $88 million dollars. Due to an agreement called idemnification, Amtrak was forced to pay the entire amount even though the Federal Railroad Administration ruled the accident to be CSX's fault. The FRA fined CSX the maximum penalty of $20,000.
Part of CSX, CSX Lines was sold to The Carlyle Group
Carlyle Group
The Carlyle Group is an American-based global asset management firm, specializing in private equity, based in Washington, D.C. The Carlyle Group operates in four business areas: corporate private equity, real assets, market strategies and fund-of-funds, through its AlpInvest subsidiary...
, early in 2003. After Snow left the company for the White House, CSX sold its international port operations to the UAE company, Dubai Transport.
Public service during time in the private sector
During Ronald ReaganRonald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
's campaign for the presidency in 1980, Snow was a member of Governor Reagan's four-man advisory group on regulatory policy. Following his election victory, President-Elect Reagan named Snow as Vice Chairman of his Transportation Transition Team.
Snow would go on to serve on the White House Conference for a Drug Free America; the Services Policy Advisory Committee of the U.S. Trade Representative; as Co-Chair of the National Commission on Financial Institution Reform, Recovery and Enforcement; the National Commission on Intermodal Transportation; the National Commission on Economic Growth and Tax Reform; as a Trustee of the Virginia Museum of Fine Arts
Virginia Museum of Fine Arts
The Virginia Museum of Fine arts, or VMFA, is an art museum in Richmond, Virginia, in the United States, which opened in 1936.The museum is owned and operated by the Commonwealth of Virginia, while private donations, endowments, and funds are used for the support of specific programs and all...
; and as a Member of the Richmond City School Board.
He was the co-chairman of the Conference Board
The Conference Board
The Conference Board, Inc. is a non-profit, non-partisan business membership and research group. It has approximately 12,000 executives in its network, from 1200 corporations in 60 countries. It holds conferences, convenes executives, conducts economic and business management research, and is seen...
's Blue-Ribbon Commission on Public Trust and Private Enterprise. He also served as co-chairman of the National Commission on Financial Institution Reform, Recovery and Enforcement in 1992 that made recommendations following the savings and loan crisis
Savings and Loan crisis
The savings and loan crisis of the 1980s and 1990s was the failure of about 747 out of the 3,234 savings and loan associations in the United States...
.
From 1994 through 1996, he was Chairman of the Business Roundtable
Business Roundtable
The Business Roundtable is a politically conservative group of chief executive officers of major U.S. corporations formed to promote pro-business public policy.-History:...
, a business policy group of 250 chief executive officers of the nation's largest companies, and played a major role in supporting passage of the North American Free Trade Agreement
North American Free Trade Agreement
The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States Free Trade Agreement...
.
Further affiliations
Snow has served as a director for Bassett FurnitureBassett Furniture
Bassett Furniture is a furniture manufacturer headquartered in Bassett, Virginia, United States.It was founded in 1902 by John David Bassett and C.C. Bassett...
Industries, Inc.; Circuit City Stores, Inc.; NationsBank Corp.; Textron Inc.; USX Corporation; the U.S.-Japan Business Council; Verizon Communications
Verizon Communications
Verizon Communications Inc. is a global broadband and telecommunications company and a component of the Dow Jones Industrial Average...
; and the Association of American Railroads
Association of American Railroads
The Association of American Railroads is an industry trade group representing primarily the major freight railroads of North America . Amtrak and some regional commuter railroads are also members...
.
He has served on the Board of Trustees of the Johns Hopkins University and the University of Virginia Darden School Foundation
Darden Graduate School of Business Administration
The University of Virginia Darden School of Business is the graduate business school associated with the University of Virginia in Charlottesville, Virginia. The Darden School is one of the world's leading business schools, offering MBA, Ph.D. and Executive Education programs...
.
He has been a member of the Business Roundtable; the Executive Committee of The Business Council; the Virginia Business Council; and the National Coal Council.
On October 19, 2006, John W. Snow was named chairman of Cerberus Capital Management
Cerberus Capital Management
Cerberus Capital Management, L.P. is one of the largest private equity investment firms in the United States. The firm is based in New York City, and run by -year-old financier Steve Feinberg. Former U.S...
.
On August 15, 2007, Snow was appointed the inaugural Newman Visiting Fellow at the Miller Center of Public Affairs
Miller Center of Public Affairs
The Miller Center of Public Affairs is a non-partisan research institute that is part of the University of Virginia.Founded in 1975, the Miller Center is a leading public policy institution that serves as a national meeting place where engaged citizens, scholars, students, media representatives and...
at the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
.
Since 1992, Snow has been an avid supporter of Israel as he stated on Charleston, South Carolina's Good Morning Charleston television program.
Secretary of the Treasury
Snow was nominated as Secretary of the Treasury by President George W. BushGeorge W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
on January 13, 2003 and unanimously confirmed by the US Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
.
In May 2004, it was revealed that Snow's brokers had bought $10 million of debt issued by Fannie Mae and Freddie Mac on the day and day after Snow was sworn into office as Treasury Secretary. Snow claimed this was done without his knowledge in February 2003. When Snow found out, he divested the debt holdings. A Treasury ethics lawyer has found that the holdings did not represent a conflict of interest but had the potential to do so in the future.
On May 26, 2006 Snow announced that he would resign effective July 3. He said the White House would make an official statement the following week. On May 30, it was formally announced that Snow would leave this position. On this same day, it was announced that President George W. Bush had nominated Henry Paulson
Henry Paulson
Henry Merritt "Hank" Paulson, Jr. is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.-Early life and family:...
, CEO of Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, to replace Snow.
Snow was forced to resign when it was uncovered that Snow failed to pay income taxes on the $24 million of loan forgiveness he received while CEO of CSX Corporation. Bush stated publicly that he wanted a “new face” to head the Treasury Dept., even though the stock market grew 40% during Snow’s tenure as secretary.
Current Positions
In 2010, joined Fosun InternationalFosun International Limited
Fosun International Limited , also Fosun or Fosun International, is the largest private-owned conglomerate in Mainland China, headquartered in Shanghai but incorporated in Hong Kong...
of China as advisor to the board of directors.
External links
- White House Biography
- Treasury Department Biography
- http://www.fosun.com/en/news/detail.asp?id=1506]