-->U.S. Treasury nominee backs strong dollar policy
Tuesday January 28, 10:01 am ET
By Glenn Somerville
(New throughout, updates with Snow prepared testimony)
WASHINGTON, Jan 28 (Reuters) - U.S. Treasury Secretary nominee John Snow on Tuesday declared he backs a strong dollar, erasing suspense over his stance on the currency, and said the U.S. economy is on the mend after a series of setbacks.
"I favor a strong dollar," Snow said in prepared remarks for his confirmation hearing before the Senate Finance Committee."A strong dollar is in the national interest."
It was the first detailed statement by Snow on his views about economic policy since he was picked by President George W. Bush last month to replace ousted former Treasury Secretary Paul O'Neill. Snow swiftly established that he backs a sweeping set of tax-reduction proposals put forth by the White House and laid out his position on currency policy.
The dollar gained against major currencies as his words reached the markets.
Despite some hope among U.S. manufacturers that he might be sympathetic toward their calls for a cheaper currency, Snow aligned himself with U.S. policy in support of a strong dollar reaching back to the opening years of the Clinton administration. His words echoed the rhetoric of former Treasury secretaries Robert Rubin and Lawrence Summers.
Wealthy rail executive Snow, who in the past was a vocal advocate of strict fiscal discipline, also firmly threw his backing behind Bush's $674-billion economic stimulus program.
"I believe that President Bush's recent economic growth proposals move the tax system, and the potential of the U.S. economy, in the right direction," he said.
He pledged to focus especially on job creation.
"As long as there are Americans who want a job and can't find one, the economy is not growing fast enough," Snow said."I know what it's like to need a job and I also know what it takes to create jobs."
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