Related: U.S. Treasury Secretary Snow resigns

President Bush , left, listens as Goldman Sachs Chairman Henry M. Paulson Jr., who is Bush's choice to replace outgoing Treasury Secretary John Snow , speaks in the Rose Garden of the White House Tuesday, May 30, 2006 in Washington. (Xinhua/Reuters photo)

    WASHINGTON, May 30 (Xinhua) -- U.S. President George W. Bush on Tuesday nominated Henry M. Paulson Jr. to replace John Snow as Treasury Secretary.

    The nomination was made after Snow announced his resignation on the same day.

    "He has a lifetime of business experience ... and an ability to explain economic issues in clear terms," Bush said of Paulson in a Rose Garden announcement.

    Paulson has been chairman of Goldman Sachs, one of the biggest investment banks in the United States, for about eight years.

    His nomination is subject to the Senate's approval. But a spokesman for the Senate Banking Committee said the panel was expected to act swiftly on his nomination.

    In the same speech, Bush also praised Snow for showing "strong leadership" at the Treasury. Snow thanked Bush for his time in the Cabinet and said he looked forward to enjoying his private life.

    Snow, a former chairman and chief executive of railroad giant CSX Corp., succeeded Paul O'Neill as Treasury Secretary in February 2003. Enditem

President Bush announces that Goldman Sachs Chairman Henry M. Paulson Jr., right, is his nominee to replace outgoing Treasury Secretary John Snow , left, in the Rose Garden of the White House Tuesday, May 30, 2006 in Washington. (Xinhua/Reuters Photo)