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Treasury Secretary John Snow accepts the Investors in America Award from Partners for Livable Communities Wednesday, Dec. 8, 2004, in Washington. Sec. Snow, who has championed the administration's economic policies on Wall Street and Main Street, accepted President Bush's offer Wednesday to remain in the Cabinet. (AP)

John Snow, whose predicted departure created a parlor game of speculation in Washington this week, will remain U.S. Treasury secretary at the request of President George W. Bush, White House spokesman Scott McClellan said.

"The president and Secretary Snow met a short time ago in the Oval Office," McClellan said. "The president asked Secretary Snow to continue on in his service and the president is pleased Secretary Snow agreed to continue serving as Treasury Secretary."

The Washington Post and New York Times both reported within the past 10 days that Snow was likely to be replaced, fueling talk about his possible successors. Snow will now remain in office as Bush prepares to elevate the role of the Treasury in a second-term agenda that includes extending $1.85 trillion in tax cuts, streamlining the 3,000-page tax code, and reinforcing Social Security.

"I've been honored to serve in this administration and delighted to have played a part under the president's leadership in seeing the American economy turn around," Snow, 65, said in an interview last week.

The 65-year-old former railroad executive entered the Cabinet in February 2003, after Paul O'Neill was ousted two years ago this month after objecting to plans for an additional tax cut. Keen to avoid his predecessor's mistakes, Snow dropped the objections he had raised in the private sector to budget deficits and embraced Bush's policies. He helped the president win congressional support for a third round of tax cuts in May 2003 and then toured the nation as an election-year salesman for Bush and the administration's economic record.

Talk that Snow's tenure was shaky began shortly after the election, even after the secretary spent much of 2004 on the road, touring 23 states for Bush, including eight trips to the battleground state of Ohio.

Bruce Bartlett, a former Treasury economist under President George H.W. Bush, said the White House's treatment of Snow had been "despicable".

"John Snow has been a very effective salesman and loyal to the president so it should have been handled more professionally," said Stuart Eizenstat, who served as deputy Treasury secretary under President Bill Clinton.

Snow also generated controversy on the campaign trail, telling Ohio Republicans it was a "myth" Bush would be the first president since Herbert Hoover to lose jobs during his term. While Snow said he had been misquoted, Democratic presidential candidate John Kerry called him "callous".

(Agencies)

parlor game: a game suitable for playing in a parlor（室內游戲）

streamline: to change so as to make more efficient（使企業、組織等簡化并更有效率）