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Updated: 11:48 AM May 30, 2006
Snow Goes; Bush Names Paulson To Succeed Him
The President confirmed Tuesday he’s nominating Goldman Sachs Chairman Henry Paulson to succeed John Snow as treasury secretary
Posted: 9:21 AM May 30, 2006 |
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(May 30, 2006)—President Bush confirmed Tuesday morning that he's naming Goldman Sachs Chairman Henry Paulson to be treasury secretary. Paulson replaces John Snow, who has resigned.
Mr. Bush says Paulson has "a lifetime of business experience” and called him “a very able executive.”
He says Paulson also has "an ability to explain economic issues in clear terms."
He praised Snow for showing "strong leadership" at Treasury."
Democrat Chuck Schumer, who is on the Senate Finance Committee, calls Paulson "the best pick America could have hoped for." Schumer says he'll back the nominee.
Paulson has been chairman of Goldman Sachs for about eight years.
It's a high-profile job that has been a stepping-stone to high positions in Washington.
Snow has been Treasury secretary since February of 2003.
His departure has been rumored for more than a year.
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