M. O'BRIEN: This just in to CNN. We are being told the long rumored, long discussed departure of the treasury secretary of the United States, John Snow, may, in fact, be happening. Ed Henry joining us now from the White House with word on a successor -- Ed.</s>ED HENRY, CNN CONGRESSIONAL CORRESPONDENT: That's right. Good morning, Miles. CNN has confirmed the president will have a 9:15 a.m. Rose Garden ceremony where he will officially announce finally, after all of the speculation, John Snow is stepping down at Treasury. Henry Paulson being nominated as the new treasury secretary, of course, the chairman and CEO of Goldman Sachs, a powerhouse on Wall Street. John Snow, really, as you know, has been hanging out there for months, Republicans openly speculating about his departure. The problem was that the White House couldn't find someone to take the job. They had been reaching out to so many people like Henry Paulson, for weeks and months. This is a job that has really been a prestige job in the cabinet for many years. But in the Bush administration, some have felt that it's been downgraded, that the White House really has made the job more of a salesman rather than a policy shaper and that instead economic policy is being shaped right here at the White House. And then the treasury secretary, John Snow, and Paul O'Neill before him, had basically been told to then go out and be the salesman to Capitol Hill, to the markets here in the United States and all around the world. And that's why a lot of powerhouses on Wall Street have not been interested in this job. But now Henry Paulson will be nominated just over about 40, 45 minutes from now, in the Rose Garden -- Miles.</s>M. O'BRIEN: All right, we will see that at 9:15 Eastern time. Of course, CNN will bring that to you as it happens. Henry Paulson, head of Goldman Sachs, to be the next treasury secretary. And that announcement coming shortly. Stay with us.
President Bush to Name Sachs CEO Henry Paulison as Treasury Secretary