News Release

December 9, 2002

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Cato Economist: Snow Is an Excellent Choice for Treasury

WASHINGTON -- President Bush named CSX Corp. Chairman John Snow as treasury secretary today. Cato Institute Director of Fiscal Policy Chris Edwards issued the following statement regarding the appointment:

"I expect Mr. Snow will particularly understand the importance of an investment-friendly tax code given that firms such as CSX form the backbone of a productive economy with large investments in capital equipment.

"Snow will be an excellent spokesperson for the administration's upcoming stimulus bill that is expected to include a depreciation tax cut component that will spur growth in a wide range of industries that need to continually purchase new machinery and equipment to stay competitive.

"Cato's economists look forward to working with the administration's new economic leaders to craft both short-term and long-term tax reform policies."