|Treasury Secretary John Snow will remain in his post in a second Bush administration. CNN's Louise Schiavone reports.|
WASHINGTON (CNN) -
Treasury Secretary John Snow has said "yes" to President Bush's request that he remain in his post in a second Bush administration, the White House said Wednesday.
"The president is pleased that Secretary Snow decided to stay on for his second term. He is a valued member of the economic team," White House Spokesman Scott McClellan said.
Snow, 65, has led the Treasury Department since February 2003. His future had been the focus of considerable speculation as Bush shook up his Cabinet following the Nov. 2 election: Last week, the Washington Post quoted an unnamed official as saying Snow could stay as long as he wants -- "provided it is not very long."
But Bush took Snow into the Oval Office Wednesday and formally asked him to stay, following a weekly lunch with his entire economic team, and Snow accepted.
"The secretary is honored to help the president implement his agenda to strengthen the economy," Snow spokesman Rob Nichols said.
Snow's future had seemed in doubt for weeks as the administration was said to be looking for a new head of the U.S. Treasury.
The White House was under mounting pressure to clarify Snow's future and make decisions about the economic team before pushing ahead with a legislative agenda that includes overhauling the tax code and reforming Social Security.
McClellan declined to say how long Snow would remain in the job.
"I've never heard any discussion of time frames. He asked him to continue serving into the second term," said McClellan, cited by Reuters.
-- Reuters contributed to the story