(Reuters circulated the following article by Caren Bohan and Glenn Somerville on April 3.)
WASHINGTON — President George W. Bush looks increasingly likely to replace Treasury Secretary John Snow and is considering former lawmakers and some Wall Street executives to succeed him, Republican sources said on Monday.
The Bush administration wants a more compelling figure than Snow to lead its effort to highlight the economy’s strength in the hope of bolstering Republican chances in November’s congressional elections, the sources said.
A Republican in frequent contact with the White House said there have been discussions about trying to attract Goldman Sachs Chief Executive Henry Paulson for the job, which would bring Wall Street savvy to the post.
A senior Senate staffer named U.S. Trade Representative Rob Portman, a former congressmen, as another possible contender.
The Senate official said the White House is giving “active consideration” to replacing Snow, a wealthy former railroad executive who took over the top Treasury post in early 2003 after the dismissal of Paul O’Neill.
Snow’s ability to stick to an administration script made a change from the vocal O’Neill, another former industrialist.
The White House was tight-lipped on the speculation. “Our economy is strong and (Bush) appreciates the job that his economic team has done,” said spokesman Scott McClellan.
The Treasury was equally reticent, with spokesman Tony Fratto declining to comment on personnel issues. He outlined an extensive schedule for Snow through mid-May.
DRUMBEAT
But the drumbeat of speculation about a change at Treasury has gained intensity since Joshua Bolten was named last week to replace Andrew Card as White House chief of staff.
The New York Times cited an unidentified Republican as saying Bolten favored replacing Snow with someone who could more forcefully portray the strength of the economy.
CNN has reported Snow could be one of several top officials to go in the next few weeks.
At Goldman Sachs the 60-year-old “Hank” Paulson has heavyweight Wall Street credentials as well as ties to both Bolten and Vice President Dick Cheney.
A Goldman Sachs spokesman said Paulson was traveling and was unavailable for comment.
According to the firm, Paulson pulled in $38 million in salary and bonuses in 2005 — the kind of Wall Street payout that Republicans say makes it tough to attract financial market players.
Still, Paulson has worked in government before. He served on the White House Domestic Council during the Nixon era and was a Defense Department aide from 1970 to 1972. He and Cheney know each other from that period.
Portman, a youthful-looking 50, is well-regarded within the administration and among Capitol Hill lawmakers who would have to approve Bush’s pick.
Two potential drawbacks to his candidacy are a lack of Wall Street experience and the administration’s reluctance to create a new opening in the USTR post when the United States is involved in sensitive global trade talks.
“He’s flattered that people would consider him for the position, but he’s made a commitment to be here and he’s involved in important negotiations for USTR,” said a spokeswoman for Portman’s office.
The sources emphasized there had been no firm decision on Snow’s future, but those who know Bolten say that they would not be surprised to see him seek a new Treasury chief.
“They’ve got to make a change,” said one former administration official.
Some Republicans have pressed the White House to look at former Sen. Phil Gramm as a Treasury contender but it is unclear whether he is in the running for the job.
CNN cited sources as saying that a couple of weeks ago, Bush offered the post Time Warner, Chairman and CEO Dick Parsons, who turned it down. Time Warner is CNN’s parent.