Alan Greenspan will not be the one to head the US Treasury after John Snow leave. The approach to put the respected Fed chairman was made at arm’s length but has been declined by senior Republicans. Instead, Snow will remain in his place, confirmed the administration representatives.

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

Another Fed policymaker can be expected to join the Bush’s team in the new term to assist in the massive overhaul of the taxation system and Social Security, sceptically received on the Capitol Hill. Ben Bernanke, an influential Fed governor, is projected to become Greg Mankiw’s successor as chairman of the White House Economic Advisers.