Reports from the online editions of the Washington Post and the New York Times, say Snow, 63, the boss of freight transportation company CSX, has been appointed by president Bush.
His appointment will need to be approved by a legal and financial review, to be carried out by the White House.
Former Goldman Sachs chairman Steven Friedman is said to be replacing Lawrence Lindsey, the chief economic adviser to the president, who also resigned at the same time as O’Neill.
Both resignations are believed to be the result of pressure from the Bush administration, which, according to reports, did not feel the two men had the support of Congress or Wall Street.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements