Senate gives Paulson nod: Confirms Goldman Sachs Chair Treasury Secretary

CNN/Reuters: Senate gives Paulson nod
Senate easily confirms the Goldman Sachs Chairman as Treasury secretary, succeeding John Snow.
June 28 2006: 4:47 PM EDT


(AP photo/Dennis Cook)
Paulson at his nomination hearing on Capitol Hill Tuesday, with his wife, Wendy, behind him.

WASHINGTON (Reuters) -- The Senate voted Wednesday to confirm Goldman Sachs Chairman Henry Paulson as Treasury secretary, succeeding John Snow.....Paulson is a highly regarded Wall Street financier who was courted by the White House to take over the Treasury.

Paulson's nomination faced virtually no opposition as it sped through a Senate Finance Committee nomination on Tuesday and was handily cleared by the full Senate.

At Tuesday's nomination hearing, Paulson said he expected to be "quite active" on international issues during the remaining 2-1/2 years of the Bush administration, such as trying to persuade China to adopt a flexible currency....

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Paulson also said, in response to questions, that tax increases would be "a big mistake." Paulson said that, while he wished the budget deficit was lower, the best way to shrink it was through continued economic growth to generate more revenues.

Paulson, 60, is a multimillionaire who has said that he will sell about $500 million of Goldman Sachs stock if he is confirmed as treasury secretary. His total wealth is estimated at around $700 million.

http://money.cnn.com/2006/06/28/news/newsmakers/paulson.reut/index.htm?cnn=yes

After all, that's how he made his money - the repub way.