Treasury Secretary Resigns, Bush Announces Nominee

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Treasury Secretary John Snow resigns and President Bush nominates Goldman Sachs chief executive officer Henry M. Paulson Jr. as his replacement.

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President Bush, this morning, nominated Henry Paulson, Junior, to serve as Treasury Secretary. They stood together at the White House.

President George W. Bush: 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.

INSKEEP: If confirmed, Henry Paulson would replace John Snow, whose departure has been rumored for months. The nominee is chairman of Goldman Sachs, one of Wall Street's leading financial firms.

HENRY PAULSON, JUNOIR (CEO, Goldman Sachs): During my 32-year career in finance, I have developed a keen appreciation for the role that capital markets play.

INSKEEP: And so far, the markets have shown a keen appreciation for Paulson. David Wessel, of The Wall Street Journal, says the markets have been following the administration's maneuvering to fill this job.

DAVID WESSEL (chief economics correspondent, The Wall Street Journal): When there were reports, last week, that Don Evens might be the treasury secretary - he's the long-term Bush buddy who was the secretary of commerce - the dollar fell. And when word came out that it was not going to be Mr. Evens, but was going to be Mr. Paulson, the dollar rose.

INSKEEP: So, Wall Street seems to like him, at least initially, but one key question now, is whether Paulson's advice will be followed. We will have more of the latest changes at the White House, later in the program.

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