WASHINGTON, May 30 (Xinhua) -- U.S. President George W. Bush onTuesday nominated Henry M. Paulson Jr. to replace John Snow as Treasury Secretary.

    The nomination was made after Snow announced his resignation onthe same day.

    "He has a lifetime of business experience ... and an ability toexplain economic issues in clear terms," Bush said of Paulson in aRose Garden announcement.

    Paulson has been chairman of Goldman Sachs, one of the biggest investment banks in the United States, for about eight years.

    His nomination is subject to the Senate's approval. But a spokesman for the Senate Banking Committee said the panel was expected to act swiftly on his nomination.

    In the same speech, Bush also praised Snow for showing "strong leadership" at the Treasury. Snow thanked Bush for his time in theCabinet and said he looked forward to enjoying his private life.

    Snow, a former chairman and chief executive of railroad giant CSX Corp., succeeded Paul O'Neill as Treasury Secretary in February 2003. Enditem