University alumnus John Snow was confirmed as the new Secretary of the Treasury Thursday night. The Bush administration asked Snow's predecessor Paul O'Neill to resign in December, in the wake of criticism over corporate accountability scandals and a faltering economy.
University professors expressed their confidence in Snow.
"He's an able fellow," Politics Prof. Larry Sabato said. "Just about everybody who knows John Snow expects great things."
Snow was chosen to replace former Treasury Secretary O'Neill, whose actions too often deviated from the administration's policies, Sabato said.
"Politically, Snow was chosen because he can simultaneously reassure Wall Street while sticking to the script in selling the President's economic program," Sabato said. "O'Neill was famous for getting off the script."
Snow received his Ph.D. in economics from the University in 1965. He returned as a visiting professor for a semester in 1977.
Faculty in the economics department also said they were pleased by the appointment.
"We are proud that one of our Ph.D.'s has been appointed to such an important position," said Economics Prof. Emeritus Richard Selden, who hired Snow as visiting professor. "We wish him well."
Current Economics Department Chair David Mills also congratulated Snow.
"I'm very happy," he said. "I think he's a very responsible and competent person, and I expect him to do a good job."
Snow worked at agencies including the Department of Transportation and the National Highway Traffic Safety Administration before joining CSX Corporation, a railroad company, in 1977. He was chairman and CEO of the corporation when asked to take the position of Treasury Secretary.
Despite his national positions, Snow remains involved with the University and the commonwealth.
"Mr. Snow has often come for ball games, campaign events and so on," University President John T. Casteen III said. "He has been a good friend to the University and also to the state, which has benefited both by his corporate position and philanthropy and by his availability as a source of informed advice, counsel and suggestions."
Early in the nomination process, Snow faced controversy over issues including his compensation package from CSX and his support of pension regulations, but received a unanimous confirmation in the Senate on Thursday.
"Government thrives when great citizens are willing to serve," Casteen said. "Mr. Snow comes from that mold, and he will be a national asset during his service as Secretary."
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