- The Washington Times - Tuesday, May 30, 2006

WASHINGTON (AP) — Treasury Secretary John Snow resigned Tuesday and President Bush nominated Goldman Sachs Chairman Henry M. Paulson Jr. as his replacement - another chapter in the shake-up to revive Mr. Bush’s troubled presidency.

“He has a lifetime of business experience. He has intimate knowledge of financial markets and an ability to explain economic issues in clear terms,” Mr. Bush said of Paulson in a Rose Garden announcement.

He praised Mr. Snow for showing “strong leadership” at Treasury.

Mr. Paulson called the U.S. economy “truly a marvel, but we cannot take it for granted. We must take steps to maintain our competitive edge in the world.”

Mr. Snow, the former head of railroad giant CSX Corp. who has a Ph.D. in economics, has been Treasury secretary since February 2003. His departure has been rumored for more than a year.

Mr. Paulson has been chairman of Goldman Sachs for about eight years. It is considered one of the premier financial firms on Wall Street and has sent a number of its top executives to high positions in Washington.

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