President Bush Nominates Goldman Sachs CEO Henry Paulson to be the Next Treasury Secretary

June 2006

President Bush went to Wall Street to tap Henry Paulson, Goldman Sachs chief as the new Treasury secretary. "He has a lifetime of business experience; he has an intimate knowledge of financial markets and an ability to explain economic issues in clear terms," Bush said,

Some observers believe that the position has lost stature under the Bush administration. The move is seen in Washington circles as evidence that the White House views the position as the premiere economic post in administration. "The Treasury secretary is the leading force on my economic team and the chief spokesman for my economic policies," Bush said. "As Treasury secretary, Hank will be my principal adviser on the broad range of domestic and international economic issues that affect the well-being of all Americans." Mr. Paulson is the first representative since Bob Rubin served as President Clinton’s Treasury Secretary – who was Paulson’s former boss at Goldman Sachs – to come from Wall Street. Paulson is expected to be confirmed by the Senate shortly.

Paulson has been with Goldman Sachs for more than 30 years, serving as chairman and chief executive officer since May 1999. He served as a Pentagon and a White House aide during the Nixon administration. An Illinois native, Paulson, 60, has a B.A. from Dartmouth College and earned his M.B.A. at Harvard.