    [Public Papers of the Presidents of the United States: George W. Bush (2006, Book I)]
    [May 30, 2006]
    [Pages 1043-1045]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Announcing the Nomination of Henry M. Paulson, Jr., To Be Secretary of the Treasury
    May 30, 2006

        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.
        For the past 8 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

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    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 3 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 2\1/2\ 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 Paulson to keep it that way. As
    Treasury Secretary, Hank will be my principal adviser 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 progrowth, 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

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    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.

    [At this point, Secretary of the Treasury John Snow made brief remarks.]

        The President. Thank you, Mr. Secretary. Thank you very much.

    [Secretary-designate Paulson made brief remarks.]

    Note: The President spoke at 9:14 a.m. in the Rose Garden at the White
    House. The transcript released by the Office of the Press Secretary also
    included the remarks of Secretary Snow and Secretary-designate Paulson.