Bush nominates Henry Paulson to lead the Treasury
[ 2006-06-02 10:09 ]
I’m Steve Ember with the VOA Special English Economics
Report.
President Bush has named Henry Paulson Jr. to replace John Snow as the
secretary of the Treasury. Mr. Paulson is the chairman and chief executive
officer of Goldman Sachs, a leading American investment bank.
President Bush announced his decision Tuesday at the White House. Mr. Bush
said the nominee has a deep knowledge of financial markets. He said Mister
Paulson would be his main adviser on a wide group of economic issues.
Henry Paulson has led Goldman Sachs for seven years. During that time, the
stock price of the company has grown by more than one hundred percent. Mister
Paulson earned almost forty million dollars at the company last year.
Employees of Goldman Sachs have served in the administrations of both
political parties. Robert Rubin, another former top official of the company,
served as Treasury secretary in the Clinton Administration.
The present White House chief of staff, Joshua Bolten, is another former
Goldman Sachs employee. He played a large part in getting Mister Paulson to
accept the nomination as Treasury secretary.
Mister Paulson is considered to be a business leader without ties to the Bush
administration. His nomination must be confirmed by the United States Senate.
In accepting the nomination, Mister Paulson said major economies around the
world are increasingly linked. But he noted the world looks to the United States
to drive growth. He said America must continue to compete economically,
providing a free and open market. Experts say Mr. Paulson will face pressure
to reduce spending and limit the budget deficit.
Mr. Paulson also serves as chairman of the board of the Nature
Conservancy. The group seeks to save wildlife and wild lands from development.
Henry Paulson was born in Palm Beach, Florida in nineteen forty-six.
He grew up on a farm in Illinois, which he still owns. He earned a business
degree from Harvard University. Mr. Paulson worked at the Defense Department and
in the Nixon Administration in the early 1970s. He has worked for
Goldman Sachs since 1974.
This VOA Special English Economics Report was written by Mario Ritter. Our
reports are online at voaspecialenglish.com. I'm Steve Ember.
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