Greenspan will not replace Snow at US Treasury

Reports this week said Alan Greenspan will not be the one to head the US Treasury after John Snow leaves. An approach to the Fed chairman was made at arm's length but has been declined by senior Republicans.

Instead, Snow will remain in his place, according to administration representatives.

"The president thinks Secretary Snow has been an outstanding member of his economic team," Claire Buchan, White House spokeswoman, said.