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Ärende: Press Release (060530) for Tue, 2006 May 30
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President Bush Nominates Henry Paulson as Treasury Secretary
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For Immediate Release
Office of the Press Secretary
May 30, 2006

President Bush Nominates Henry Paulson as Treasury Secretary
The Rose Garden

President's Remarks view


9:14 A.M. EDT

THE PRESIDENT: Good morning. Welcome to the White House. I'm pleased to
announce that I will nominate Henry Paulson to be the Secretary of the
Treasury.

The past eight years, Hank has served as Chairman and Chief Executive
Officer of the Goldman Sachs Group. It's one of the most respected firms on
Wall Street. He has a lifetime of business experience; he has an intimate
knowledge of financial markets and an ability to explain economic issues in
clear terms. 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 Secretary of the Treasury has one of the most important jobs in the
federal government. The Treasury Secretary is responsible for recommending
and implementing policies dealing with taxes, financial markets, federal
spending, trade and other issues affecting the health and competitiveness
of the American economy. The Treasury Secretary oversees the minting of
U.S. currency, the management of public finances, and the enforcement of
important laws, including our efforts to crack down on terrorist financing.
The Treasury Secretary is the leading force on my economic team and the
chief spokesman for my economic policies.

For the past three years, Secretary John Snow has shown strong leadership
in carrying out these responsibilities. John answered the call to public
service in a time of uncertainty for our economy, and under his leadership,
we have seen a broad and vigorous economic resurgence. He's been a steady
advocate for small business entrepreneurs and working families, and he's
helped deliver jobs and opportunity for the American people. I appreciate
his years of service to our country. I wish you, John, and your family, all
the very best.

When he's confirmed by the Senate, Hank will build on John's fine work. He
takes this new post at a hopeful time for American businesses and workers.
In the first quarter of 2006, the U.S. economy grew at an annual rate of
5.3 percent, the fastest growth in two-and-a-half years. We added 5.2
million new jobs since August of 2003. The national unemployment rate is
down to 4.7 percent. Productivity is high, and that's leading to higher
wages and a higher standard of living for the American people. Hourly
compensation grew at an annual rate of 5.7 percent in the first quarter
this year.

The American economy is powerful, productive and prosperous, and I look
forward to working with Hank Paulison to keep it that way. As Treasury
Secretary, Hank will be my principal advisor 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.

The tax relief we delivered has helped set off the economic expansion that
we're seeing today. And one of Hank's most important responsibilities will
be to build on this success by working with Congress to maintain a
pro-growth, low-tax environment.

Hank also understands that the government should spend the taxpayers' money
wisely or not at all. He will work closely with Congress to help restrain
the spending appetite of the federal government and keep us on track to
meet our goal of cutting the deficit in half by 2009.

Hank will also be an important representative of the United States on the
international scene. As an investment banker, he understands the importance
of opening new markets for American exports. He will insist on fair
treatment for American businesses, workers and farmers. He will help ensure
that our trading partners play by the rules, respect intellectual property
rights, and maintain flexible, market-based exchange rates for their
currencies.

To all these tasks, Hank brings a record of achievement and excellence. He
grew up on a farm in Illinois. He went to college at Dartmouth. He starred
on the field as an all-Ivy football player and in the classroom as a Phi
Beta Kappa student. He earned an MBA from Harvard. He served in the
Pentagon and here at the White House. He started at Goldman Sachs in 1974,
and rose to its top office after 24 years of distinguished work at the
firm. He has a lifelong passion for nature, and he's served as chairman of
the Nature Conservancy, where he has promoted conservation both at home and
abroad.

As one of America's most prominent business executives, Hank has been a
strong and consistent voice for corporate accountability. When the
corporate scandals broke, Hank showed his leadership and character by
calling for reforms that would strengthen the way America's public
companies are governed and improve their accounting practices. And as
Treasury Secretary, Hank will bring those high standards to one of the most
important posts in Washington.

I want to thank Hank for his willingness to leave one of the most rewarding
jobs on Wall Street to serve the American people. Hank will follow in the
footsteps of Alexander Hamilton and other distinguished Treasury
Secretaries who used their talents and wisdom to strengthen our financial
markets and expand the reach of the American Dream.

Hank is going to make an outstanding Secretary of the Treasury. And I call
on the United States Senate to promptly confirm him.

Mr. Secretary.

SECRETARY SNOW: Thank you, Mr. President. And thank you very much for those
gracious words. I appreciate that. That means a lot.

Let me say first, it's been a great honor, a terrific honor to serve as the
73rd Secretary of the Treasury, and I will always be grateful to you for
the opportunity you gave me. But as you know, I've looked forward for some
time to returning to private life, and I do so with a great sense of
satisfaction in what has been accomplished over the last three-and-a-half
years. The facts are in: Your economic policies have put the American
economy on a strong, upward path. And I've been pleased to have had a part
in working with you to advance those policies.

The American economy today is growing and expanding at a rate well above
the rest of the industrialized world. Businesses are investing,
productivity growth is strong, and millions of new jobs have been created
with rising wages. The foundation for continued prosperity is well in
place.

Mr. President, at a critical time in our country's economic history -- and
you alluded to it -- you recognized the need for tax relief to lower the
marginal rates on work, risk-taking, savings, and investment. Those
policies lie at the heart of the recovery we're now enjoying, a recovery
which has also seen a dramatic increase in federal revenues. That surge in
government receipts, along with the strict control on spending that you've
advocated, are putting us on a path to not only meet your deficit reduction
target, but to do so ahead of schedule.

The real deficit, as you have said often, is the unfunded obligations that
loom ahead. Because of your leadership we're on a much stronger footing
today to address those challenges.

Thanks also to your leadership, the Treasury Department today is in the
forefront of the war on terror, using the authorities at our disposal to
identify and disrupt terrorists and their funding activities and following
the financial trail they leave. Terrorists are motivated by hatred, but
they carry on their evil activities with money. By going after the money,
and using the authorities that you have made possible at Treasury, we're
playing a key role in the war on terror.

Let me say it's been a great honor, indeed, to work with the extraordinary
and able, dedicated people of the U.S. Department of the Treasury. They
reflect the very best traditions of public service, and I will forever be
grateful to them for their support.

Mr. President, in Hank Paulson, you've made a superb choice to lead the
Treasury Department. He's an old friend, somebody I've admired and
respected and worked with over the years. He's a proven executive with
wide-ranging business and financial experience, combined with a keen sense
of public service. Hank will be a great addition to your administration.

In closing, thank you again, Mr. President, for your support. As I prepare
to take my leave, I wish you all the best in the years to come as you lead
this great country. As always, you will have my full support.

THE PRESIDENT: Thank you, Mr. Secretary. Thank you very much.

MR. PAULSON: Mr. President, thank you for the honor to serve you and our
country. During my 32-year career in finance, I have developed a keen
appreciation for the role that capital markets play in driving economic
growth and efficiency, putting capital behind people and ideas. I have
witnessed and participated in the globalization of finance as major
economies around the world have become increasingly interdependent. Of
course, the whole world is dependent upon the U.S. economy as a major
engine of its growth. And our economy's strength is rooted in the
entrepreneurial spirit and the competitive zeal of the American people, and
in our free and open market. It is truly a marvel, but we cannot take it
for granted. 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.

Let me also say, I'm also very, very grateful to my family for their
understanding and for their support. Thank you.

END 9:25 A.M. EDT

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