Henry Paulson was nominated by US President George W Bush to be the new US treasury secretary, in place of John Snow.
WASHINGTON: Henry Paulson, a top Wall Street banker who has had extensive business dealings with China, was nominated by US President George W Bush to be the new US treasury secretary, in place of John Snow.
"Paulson, 60, has an intimate knowledge of financial markets and ability to explain economic issues in clear terms," Bush said at a White House announcement in naming the top economic official to his administration.
"He's earned a reputation for candor and integrity. And when he is confirmed by the Senate, he'll be a superb addition to my cabinet," the US President said.
Paulson has served as chairman and chief executive of Goldman Sachs Group since May 1999. Another former Goldman CEO, Robert Rubin, served as treasury chief under president Bill Clinton, from 1995 to 1999.
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. Hank shares my philosophy that the economy prospers when we trust the American people to save, spend and invest their money as they see fit."
In accepting the nomination, Paulson said: "We must take steps to maintain our competitive edge in the world. Mr. President, if confirmed, I look forward to working with you, your administration and the Congress to help keep the American economy strong and competitive."
Paulson had in the past reportedly rebuffed overtures from Bush about taking the job. Media reports suggested that big names on Wall Street had turned down the job, feeling that it had been transformed from a major policy-setting position into a public relations job.
Andrew Busch, an analyst at the banking group BMO Nesbitt Burns, said Paulson's nomination was a positive sign for markets.
"Coming from Wall Street, Paulson should carry a bit more gravitas for the financial markets as opposed to another corporate chieftain," Busch said.
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