WASHINGTON, May 30 (UPI) -- U.S. Treasury Secretary John Snow sent a letter of resignation to U.S. President George Bush on Tuesday, saying he was "anxious" to return to private life.
Bush quickly nominated Goldman Sachs Chief Executive Officer Henry Paulson to take over the position.
Snow said his resignation would be effective "after an orderly transition period for my successor." The Washington Post reported Snow wanted to leave his post by July 3.
"As you know, I have been anxious for some time to return to private life," Snow said in his letter to Bush. "Now, with the economy so clearly on a good path, it is time for me to step down as the Secretary of the Treasury."
Snow credited Bush's policies with advancing the U.S. and global economies.
"As your Administration presses forward in pursuit of the cause of freedom, prosperity and stability, you will continue to have my strong support," Snow wrote.
