Bush Favors Goldman's Paulson
To Succeed Snow at Treasury
By John Harwood
The Wall Street Journal
Tuesday, May 30, 2006
President Bush is expected to announce the choice of
Henry M. Paulson, chairman and chief executive of
Goldman Sachs Group Inc., to succeed Treasury
Secretary John Snow, a senior White House official
said Tuesday.
Mr. Bush is expected to make the announcement at 9:15
a.m. EDT.
After months of speculation that Mr. Snow was to be
replaced, people close to the administration said last
week that he has decided to resign and leave office
after attending the Group of Eight Finance Ministers
meeting June 9 and 10.
Mr. Paulson and other high-profile Wall Street
executives are thought to have topped the list of
possible new treasury secretaries but showed little
interest in taking the job. And last week, Donald L.
Evans, a Texas oilman and close associate of the
president who served as Mr. Bush's first commerce
secretary, was reported to be the front-runner to
succeed Mr. Snow.
That seems to have changed, but it wasn't immediately
clear that Mr. Paulson would take the job if it was
offered. One reason Mr. Snow is believed to have
stayed as long as he has is that the White House had
trouble identifying desired replacements.
Mr. Evans was frequently mentioned as a successor to
Mr. Snow because he was seen as someone who can help
the administration do a better job of selling its
economic policy. As commerce secretary, Mr. Evans was
viewed as a more-effective policy salesman in Congress
than his Treasury counterparts. He helped Mr. Bush to
get many of his tax cuts implemented and also was
credited with pushing trade liberalization. Treasury
Secretary Snow, meanwhile, has been criticized for
failing to get Mr. Bush enough credit for economic
progress.
While the economy is relatively strong, the next
Treasury secretary will face challenges, in part
because many Americans don't seem to feel that their
economic situation is improving. A recent Wall Street
Journal/NBC News poll found that 77% of respondents
call themselves uneasy about the state of the economy
rather than confident, even as data shows strong
economic growth. Rising gas prices and concerns about
Iraq continue to overshadow strong economic gains.
Mr. Paulson has been the sole chief executive at
Goldman since May 1999, and shared the job from June
1998 to May 1999. He served as chief operating officer
from December 1994 to June 1998. Mr. Paulson isn't on
the board of any public company other than Goldman
Sachs, according to the biography on the company's Web
site.
He is currently chairman of the Financial Services
Forum, a Washington trade group of which Mr. Evans is
the director.
Mr. Bush's previous appointees to the Treasury post --
Paul O'Neill and Mr. Snow -- were corporate executives
with little Wall Street experience. Mr. Paulson, in
contrast, has spent his career on Wall Street, as did
Robert Rubin, who served as Treasury secretary in the
Clinton administration.
Another Goldman CEO, Stephen Friedman served as
chairman of the National Economic Council in the Bush
White House earlier in the president's term.
Mr. Paulson is also a member of the Board of Directors
of Catalyst, which promotes the advancement of women
in American corporate hierarchies. An advocate for
environment issues that have sometimes brought him and
his firm criticism, Mr. Paulson is chairman of the
Board of Directors of the Nature Conservancy,
Co-Chairman of the Asia/Pacific Council of the Nature
Conservancy and Chairman Emeritus of the Peregrine
Fund, Inc.
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