WASHINGTON – President George W. Bush announced that he would like Henry Paulson, chairman of Goldman Sachs, to succeed Treasury Secretary John Snow who recently announced his departure once a replacement was found.
"The past eight years, Hank has served as Chairman and Chief Executive Officer of the Goldman Sachs Group," President Bush said. "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.
"For the past three 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."
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Snow described himself as "anxious.to return to private life." In his letter of resignation, he stated, "While the important work of government is never completed, I leave with a great sense of satisfaction in knowing that so much has been accomplished in the last three years in advancing your agenda at home and abroad." He added that the Treasury Department is at the forefront of fighting terrorist financing.
Of the president's pick for his successor, Snow said, "Hank Paulson is a superb choice to lead the Treasury Department. He is an old friend, somebody I admire and respect deeply. He is a proven executive with wide ranging business and finance experience combined with a keen sense of public service. Hank will be a great addition to your Administration."
While Snow has been criticized for some time about his inability to communicate the administration's economic message, credit unions have heard him loud and clear when he said neither he, nor the president, were interested in taxing credit unions.
NCUA Chairman JoAnn Johnson had nothing but good things to say about Snow. "Throughout his tenure, Secretary Snow has recognized and supported the important role of America's credit unions in strengthening the economy," she commented. "He has served as a steady advocate for tax relief for the American people and also for the continuation of a tax exemption for America's credit unions. He has promoted the ownership of health care to credit union members through health savings accounts. He has assisted credit unions in fighting the financial war on terror by being sensitive to the impact of the Bank Secrecy Act, and has worked hard to ensure the protection of financial data and identity of all citizens. He has worked tirelessly in the effort to promote a culture of financial literacy, and has been a compassionate partner to credit unions as they assist in the recovery after Hurricanes Katrina and Rita."
"For the past three straight years," CUNA President and CEO Dan Mica pointed out, "John Snow has stood before the CUNA Governmental Affairs Conference to reaffirm his and the administration's support for the credit union tax exemption. `You always get less of anything you tax …We don't want to get less of what you do,' Secretary Snow has told the credit union audience. This sort of consistent support for the credit union tax exemption by a sitting Treasury Secretary is unprecedented, and for it we are most thankful." He added that CUNA also looks forward to working with Paulson.
NAFCU also noted Snow's support of the credit union tax-exemption, adding, "We look forward to working with the new secretary and getting him up to speed on our issues."
The bankers made similar remarks about Snow and Paulson, but at least one group has come out against the president's new pick. The Competitive Enterprise Institute pointed out that the Goldman Sachs chairman also serves as chairman of the board of the Nature Conservancy, which CEI said is under investigation for financial misdealings and is anti-entrepreneurial. "No conservative administration should consider appointing anyone who works for the Nature Conservancy to any position and certainly not to one carrying the high responsibilities of Treasury Secretary," CEI Director of Energy & Global Warming Myron Ebell said.
CEI bills itself as a nonprofit, nonpartisan public policy group dedicated to the principles of free enterprise and limited government.
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