facebook
twitter
rss
account
search
search
 

Paulson to take over as Treasury secretary

May 30, 2006 at 9:39 AM   |   Comments

WASHINGTON, May 30 (UPI) -- Goldman Sachs Chief Executive Officer Henry Paulson has been selected by President George Bush to become the secretary of the U.S. Treasury.

Paulson replaces John Snow, who led the Treasury Department for more than three years. Snow, whose resignation was not unexpected, told the White House he wants to leave his position by July 3, The Washington Post reported.

Bush, in an announcement Tuesday in the White House Rose Garden, said Paulson has a "lifetime of business experience. He has an intimate knowledge of financial markets and an ability to explain economic issues in clear terms. He's earned a reputation for candor and integrity."

Paulson, whose nomination needs to be approved by the Senate, said he has seen the world's major economies become independent, adding, "of course, the whole world is dependent upon the U.S. economy as a major engine of its growth.

He said the U.S. economy is "truly a marvel but we cannot take it for granted. We must take steps to maintain our competitive edge in the world."

Snow said he "looked for some time to returning to private life" and did so with a great "sense of satisfaction in what had been accomplished in the last 3 1/2 years."

The new Treasury secretary will be Bush's third and the country's 74th. Paul O'Neill served from early in Bush's first team until December 2002. Snow has had the post since Feb. 3, 2003.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Madeleine McCann report finds authorities hindered investigation
2
Obama approval rating hits record low in blue California
3
At least 6 dead in Paris apartment explosion
4
Islamic State allegedly beheads second American journalist
5
Mary Landrieu hit with residency, ethics complaints
Trending News
Video
x
Feedback