Goldman Sachs acquires another key position at Treasury

Bush to Nominate Goldman's Steel to Treasury Post

From Reuters
Tuesday, September 5, 2006

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reut...

WASHINGTON -- President George W. Bush intends to nominate Robert Steel, a Goldman Sachs executive, to the position of Treasury undersecretary for domestic finance, the White House said on Tuesday.

If confirmed by the Senate, Steel would replace Randal Quarles, who last month said he would resign when Congress adjourned later this year.

Steel is currently a senior director of Goldman Sachs Group Inc. and was previously a vice chairman of the firm, the White House said.

Quarles, a key player in the Bush administration's efforts to reform government-sponsored housing enterprises, became undersecretary for domestic finance in August 2005 and was the third high-ranking Treasury official to step down since Treasury Secretary Henry Paulson took over from John Snow on July 10.

Paulson was previously chief executive at Goldman Sachs.

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