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This story is from May 30, 2006
Paulson is new US treasury secy
Prez Bush on Tuesday nominated Henry Paulson, CEO of Wall Street major Goldman Sachs, as Treasury secy.
Paulson is a surprise choice to replace John Snow, who for several months was rumoured to be on his way out. Among those tipped to replace him were US envoy to India David Mulford, a former Treasury undersecretary, and Don Evans, a former commerce secretary.
But in the end, Bush settled on the Goldman Sachs honcho, a Harvard MBA who previously served at the Pentagon and White House before moving to Wall Street 25 years ago, and described by one analyst as a "bonafide, U.S-minted heavyweight".
The appointment was being watched keenly across the world because the actions of the US treasury secretary and its effect on the US economy has an impact on the entire world economy.
Announcing Paulson's nomination as the 74th US Treasury Secretary , Bush said the American economy is "powerful, productive and prosperous" and he expected the new secretary, who has to be confirmed by the Senate, to sustain a low-tax, pro-growth policy to take it forward.
The US economy grew by a record 5.6% in the first quarter, a staggering move for an economy of its size, but many economic mavens have said the signs are not propitious for a country neck-deep in war and debt.
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