Capital Markets

No Snow in Treasury Forecast

Bush taps Henry Paulson of Goldman Sachs as the next Secretary of the Treasury.
Dave CookMay 30, 2006

President Bush announced Tuesday morning that Secretary of the Treasury John Snow is resigning and that he is nominating Henry “Hank” Paulson, chairman and chief executive officer of Goldman Sachs Group, to succeed him.

Bush thanked his outgoing Treasury secretary for his “strong leadership” during the past three years, observing that he has overseen “broad and vigorous growth” and been especially supportive of small businesses, entrepreneurs, and working families.

Praising Paulson for his “candor and integrity” and his “ability to explain financial concepts in clear terms,” the President said that he would “build on John’s fine work” following his confirmation by the Senate.

Snow, a former executive of railroad company CSX, was tapped as Treasury Secretary in December 2002 following the resignation of Paul O’Neill, and was confirmed the following February.

Paulson, who ushered Goldman Sachs through its public offering in 1999, has been chairman for about eight years. The Associated Press noted that Paulson’s nomination was widely rumored after Joshua Bolten was named White House chief of staff. Bolten, who replaced Andrew Card in that post earlier this year, is a former Goldman Sachs executive himself.