July 13 (Bloomberg) -- U.S. Treasury Secretary John Snow called for the USA Patriot Act to be renewed so as to maintain a chokehold on terrorism financing, rebutting calls from Democrats who want to roll back a law the Bush administration touts as essential to its war on terror.

The act, which was enacted six weeks after the Sept. 11 terrorist attacks, gives intelligence agencies and law enforcement expanded authority in terrorism investigations. It is being hailed this week by Snow and other members of President George W. Bush's administration.

In a speech prepared for delivery today to business leaders in Cleveland, Ohio, Snow said that by enabling the sharing of information between agencies and financial institutions, the act had helped his agency wage a war on terrorism finance.

``The Patriot Act dramatically increased our ability to choke off terrorist monies, without which they are rendered utterly ineffective,'' he said. ``Re-authorization of the Act is one of the most important steps we can take to defeat the killers.''

The House of Representatives last week rejected an attempt to change part of the act that lets the government access library and bookstore records. Bush has threatened to veto legislation that weakens the Patriot Act and Democrats have seized upon the debate to showcase their opposition to the president's policies in fighting terrorism.

Assets worth $141 million have been frozen and 383 individuals or organizations have been cited as supporters of terrorism since Sept. 11, 2001. The crackdown strengthens the U.S. economy by underpinning confidence, Snow said.

``Hatred fuels the terrorist agenda; cash makes it possible,'' he said. ``A decrease in terrorist prosperity will lead to an increase in American prosperity.''

Snow's trip to his native state of Ohio is his third this year, reflecting the importance it will play in this year's presidential election. It is one of 17 states being targeted by both Bush and his Democratic rival, Massachusetts Senator John Kerry. Ohio has 20 Electoral College votes, the sixth most in the nation, and Bush won them by just 3.5 percentage points in 2000.

To contact the reporter on this story: Simon Kennedy in Cleveland Skennedy4@bloomberg.net

Last Updated: July 13, 2004 00:03 EDT