Bush nominates financial exec for Treasury job

The nominee is known as an avid conservationist.
KNIGHT RIDDER NEWSPAPERS
WASHINGTON -- President Bush looked to Wall Street for a new Treasury Secretary on Tuesday, nominating Goldman Sachs Chairman Henry Paulson for the government's top economic job.
If confirmed by the Senate, Paulson will replace John Snow, who'd been expected to leave for months. The nomination broke Bush's pattern of relying on captains of industry for economic advice and sent a reassuring signal to financial markets.
Paulson, who goes by "Hank," is arguably the most influential executive on Wall Street, the market's equivalent of a rock star. Associates said he'd initially rebuffed Bush's overtures but had changed his mind after winning assurances that he'd have an influential role in shaping economic policy.
"The American economy is powerful, productive and prosperous, and I look forward to working with Hank to keep it that way," Bush said in announcing his choice. "Hank will be my principal adviser on the broad range of domestic and international economic issues that affect the well-being of all Americans."
Powerful job
The job of treasury secretary is traditionally one of the most powerful in government, touching on tax collection, federal spending, the financial markets, international trade and, in recent years, efforts to cut off terrorism financing. The secretary also serves as the president's chief spokesman on economic issues, a role that often influences financial markets.
Republicans and Democrats were united in their praise for the nomination. Sen. Charles Schumer, D-N.Y., a member of the Senate Finance Committee, called it "the best pick America could have hoped for."
House Majority Leader John Boehner, R-Ohio, said Paulson "is unrivaled in terms of experience and knowledge of the American economy."
Paulson, 60, has a reputation as a driven, highly competitive chief executive who can terrify and inspire employees. A 2002 Business Week profile said some Goldman Sachs workers avoided riding in elevators with him to escape his probing questions.
"If you are in the Treasury [Department], don't plan on getting a lot of sleep for the next few years because Hank will have you doing a lot of things. He's not a guy who engages in down time," said Robert D. Hormats, the vice chairman of Goldman Sachs (International) in New York.
His biography
Paulson made about $31 million last year in salary, stock and other compensation as chairman of the investment bank. He's also the investment giant's biggest individual stockholder, with company stock currently valued at more than $100.8 million.
Born on a farm outside Chicago, Paulson is a Christian Scientist who neither smokes nor drinks alcohol. He's an avid conservationist who escapes the pressure of Wall Street by fly-fishing and bird-watching. He's also the chairman of the Nature Conservancy, an international organization that seeks to preserve natural areas for animals and plants.
Some speculated that Paulson would prod Bush to be more aggressive in reducing auto emissions and dealing with global warming.
"His commitment to environmental causes, such as fighting global warming and excess auto emissions, is legendary," said Sen. Judd Gregg, R-N.H., the chairman of the Senate Budget Committee.