Senate Finance Committee Holds Hearing for Treasury Secretary Nominee Henry M. Paulson

President Bush has nominated Mr. Paulson to serve as the 74th Secretary of the Treasury, following Secretary John Snow.

The Senate Finance Committee held a confirmation hearing Tuesday for President Bush’s nominee for Treasury Secretary, Henry M. Paulson, Jr.

Here is a little quote from his opening statement:

“{…} The Treasury Department has a critical role to play in helping to set the direction of the U.S. and global economy – a role that reaches back to America’s founding. If confirmed, I will strive to carry forward the Treasury Department’s rich legacy.
I have admired the work of the Treasury Department throughout my 32-year career in finance – and particularly during the last eight years, when I have led a global financial institution. As the steward of the U.S. economic and financial systems, the Treasury has helped lay the groundwork for the American economy to become a model of strength, flexibility, dynamism and resiliency. {…}”

Let’s hope the candidate will follow these goals. He also address his plans:

“{…} I will briefly outline some of the steps that could be taken to achieve a stronger and more competitive U.S. economy.

Addressing the long-term unfunded obligations of Social Security and Medicare that threaten to unfairly burden future generations.
Keeping taxes low and collecting them in a simpler and fairer manner that does not distort economic decision-making.
Expanding opportunities for American workers, farmers, and businesses – big and small – to compete on a level playing field with the rest of the world.
Maintaining and enhancing the flexibility of our capital and labor markets, and preventing creeping regulatory expansion from driving jobs and capital overseas.
Finally, the U.S. economy will be stronger if we can continue to foster an entrepreneurial spirit and culture which generates innovation, risk-taking, and productivity growth that raises living standards to keep America the economic envy of the world. {…}”

If you want to read the whole statement:


Best regards
und viele Grüße aus Charlotte
Reinhard von Hennigs