Paulson Confirmed as Next Treasury Secretary

WASHINGTON – The Senate approved Henry Paulson to serve as the next Treasury Secretary. Paulson, former chairman and CEO of the Goldman Sachs Group, is replacing John Snow, who has applauded credit union efforts and supported the tax-exemption on numerous occasions. During his confirmation hearing, Paulson said, “If confirmed, I will focus intensely on how the United States can maintain and strengthen our competitive position. As a product of a mid-sized town in Illinois, I will of course always remember Chairman Grassley’s succinct description of the Treasury Secretary’s role: `to understand how tax policy, capital markets, international trade, and currency policy affect Main Street USA.’” NCUA Chairman JoAnn Johnson said she was pleased with Paulson’s appointment and commended Snow on his service. “On issues as important and diverse as credit union tax exemption, prompt corrective action reform and financial literacy, there is a high degree of interaction between our two entities. This is an important relationship and we look forward to working together at the highest level,” she said. NAFCU wrote Paulson congratulating him on his appointment and inviting him to speak at its Congressional Caucus in September. “I want to pass along my congratulations to you for your recent confirmation by the Senate to become the new Secretary of the Treasury,” NAFCU President and CEO Fred Becker said. “I know that your long-term experience in the financial world, as well as your commitment to public service, will prove to be an asset during your tenure at the Department of the Treasury.” He also requested a meeting at Treasury once the new secretary is settled in to discuss matters of importance to credit unions, including the tax-exemption and risk-based capital.