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Treasury gets new executive

hpaulson.jpgGoldman Sachs Chief Executive Henry M. Paulson Jr. was nominated for U.S. Treasury secretary after John Snow?s resignation May 30.

If confirmed as 74th Treasury secretary, a new series of Federal Reserve Notes bearing Paulson?s facsimile signature will result.

?He has a lifetime of business experience,? President George Bush said in a White House announcement. ?He has intimate knowledge of financial markets and an ability to explain economic issues in clear terms.?

Paulson, 60, was born in Palm Beach, Fla., and grew up in Barrington, Ill. He received a B.A. in English from Dartmouth in 1968 and an M.B.A. from Harvard in 1970. He joined Goldman Sachs in 1974 and was named CEO and chairman of the company in 1999.

Goldman Sachs stock has tripled since Paulson took over as CEO.
Paulson?s net worth is estimated at more than $500 million and he has contributed heavily to the Republican Party, also raising more than $100,000 for Bush?s reelection campaign.

He is also a strong environmentalist, serving as chairman of the Nature Conservancy and donating $100 million of Goldman Sachs stock to a family foundation dedicated to conservation and environmental issues.

During Paulson?s CEO tenure, Goldman Sachs donated 680,000 acres in Chile to the Wildlife Conservation Society.

Paulson, in a May 30 statement, said the U.S. economy is a marvel, ?but we cannot take it for granted. We must take steps to maintain our competitive edge in the world.?

Paulson?s nomination must be approved by the Senate.

Snow was Treasury secretary for three years, beginning his tenure in February 2003.

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