[Weekly Compilation of Presidential Documents Volume 42, Number 22 (Monday, June 5, 2006)]
[Pages 1045-1046]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks Announcing the Nomination of Henry M. Paulson, Jr., To Be 
Secretary of the Treasury

May 30, 2006

    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 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

[[Page 1046]]

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 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 Secreatry-designate Paulson.