Henry Paulson, CEO of Goldman Sachs, today was nominated to replace U.S. Treasury Secretary John Snow, according to a news release from the Treasury Department. The Senate is expected to approve the appointment.
"Mr. Paulson did say a few months ago that he expected to be here for the foreseeable future," said Goldman Sachs spokesman Peter Rose. "But over the last few days, the president asked him hard to take the position, and how do you say no to the president?" Mr. Rose said it has not yet been determined who will replace Mr. Paulson.
President George W. Bush, who announced the nomination today, said Mr. Paulson's most pressing responsibilities will be working with Congress to maintain a low-tax environment and growing economy.
Ernest Ankrim, chief investment strategist for Russell Investment Group, said of the upcoming appointment: "The challenge of being treasury secretary is that you serve both as an adviser to the president and as a cheerleader for the dollar and the economy. The cheerleading part, I think, will be the most challenging."