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Paulson Tapped for Treasury Secretary

by Pamela Leavey

Bush nominated Goldman Sachs chief executive officer Henry M. Paulson Jr. as Treasury Secretary John Snow’s replacement this morning. This nomination being yet another chapter in the White House shake-up to “revive Bush’s troubled presidency.”

He has a lifetime of business experience. He has intimate knowledge of financial markets and an ability to explain economic issues in clear terms,” Bush said of Paulson in a Rose Garden announcement.

White House officials believed that a Wall Street executive with Paulson’s talents could better make the case for the administration’s economic program.

Paulson, who also is chairman of Goldman Sachs, called the U.S. economy “truly a marvel, but we cannot take it for granted. We must take steps to maintain our competitive edge in the world.”

Paulson, a major Republican donor and fundraiser, met with Bush earlier this month. He has been both chairman and CEO of Goldman Sachs since May 1999. Goldman Sachs is considered one of the top financial firms on Wall Street. They have sent a number of their top executives to high positions in Washington.

Speculation that Paulson would take over from Snow increased after Joshua Bolten, a former Goldman Sachs executive who had worked with Paulson and was leading the effort to find a replacement, became the new White House chief of staff.

Paulson, a Bush “Pioneer,” collected at least $100,000 for Bush’s 2004 campaign. He also donated at least “$68,000 to GOP campaigns and party committees so far in the 2005-06 election cycle, including $25,000 to the National Republican Senatorial Committee and $15,000 to its House counterpart, figures compiled by the Political Money Line campaign finance tracking service show.”

Senator Edward M. Kennedy released the following statement on the Nomination of a New Treasury Secretary:

“Under the Bush economy average working Americans have paid a big price. While corporate profits have soared by 85% since President Bush took office, incomes across the board have have stagnated as Americans face twice as high prices at the pump, out of control health care bills, a housing market that’s up 54%, and college tuitions that are 57% more expensive. I hope that new leadership at the helm of the Treasury will put us back on track by making our economy work better for all Americans.”

One Response to “Paulson Tapped for Treasury Secretary”

  1. Can the Treasury Secretary tap the ‘Bush Pioneers’ for donations to debt relief?

    Just trying the bubblehead approach to life..