Henry Paulson bigraphy, stories - 74th United States Secretary of the Treasury

Henry Paulson : biography

March 28, 1946 -

Henry Merritt "Hank" Paulson, Jr. (born March 28, 1946) is an American banker who served as the 74th United States Secretary of the Treasury. He had served as the Chairman and Chief Executive Officer of Goldman Sachs, and is now chairman of the Paulson Institute, which he founded in 2011 to promote sustainable economic growth and a cleaner environment around the world, with an initial focus on the United States and China.

Early career

Paulson was Staff Assistant to the Assistant Secretary of Defense at The Pentagon from 1970 to 1972., The Nature Conservancy 2006 He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973.

U.S. Secretary of the Treasury

Paulson (right) with President George W. Bush as his nomination to become Treasury Secretary is announced

Paulson was nominated on May 30, 2006, by U.S. President George W. Bush to succeed John Snow as the Treasury Secretary., White House, 2006, Retrieved June 29, 2006. On June 28, 2006, he was confirmed by the United States Senate to serve in the position., The New York Times, Associated Press, 2006 Paulson was sworn in at a ceremony held at the Treasury Department on the morning of July 10, 2006.

Paulson identified the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury., The Christian Science Monitor, August 3, 2006, Retrieved August 3, 2006.

Paulson conceded that chances were slim for agreeing on a method to reform Social Security financing, but said he would keep trying to find bipartisan support for it., Reuters, February 3, 2007.

He also helped to create the Hope Now Alliance to help struggling homeowners during the subprime mortgage crisis.

Paulson was known to have persuaded President George W. Bush to allow him to spearhead U.S.-China relations and initiated and led the U.S.-China Strategic Economic Dialogue, a forum and mechanism under which the two countries addressed global areas of immediate and long-term strategic and economic interest. In spring 2007, Paulson warned an audience at the Shanghai Futures Exchange that China needed to free up capital markets to avoid losing potential economic growth, saying: "An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention." In September 2008, in light of the economic crisis experienced by the U.S. in the interim, Chinese leaders evidenced hesitation to follow Paulson's advice.

Notable statements

In April 2007, he delivered an upbeat assessment of the economy, saying growth was healthy and the housing market was nearing a turnaround. "All the signs I look at" show "the housing market is at or near the bottom," Paulson said in a speech to a business group in New York. The U.S. economy is "very healthy" and "robust," Paulson said.http://www.marketwatch.com/story/paulson-says-us-housing-sector-at-or-near-bottom. Retrieved 04/05/2011

In August 2007, Secretary Paulson explained that U.S. subprime mortgage fallout remained largely contained due to the strongest global economy in decades.

On March 26, 2008, Secretary Paulson said in remarks at the U.S. Chamber of Commerce, “As we work our way through this turbulence, our highest priority is limiting its impact on the real economy. We must maintain stable, orderly and liquid financial markets and our banks must continue to play their vital role of supporting the economy by making credit available to consumers and businesses. And we must of course focus on housing, which precipitated the turmoil in the capital markets, and is today the biggest downside risk to our economy. We must work to limit the impact of the housing downturn on the real economy without impeding the completion of the necessary housing correction. I will address each of these in turn. Regulators and policy makers are vigilant; we are not taking anything for granted.”

Living octopus

Living octopus

In countries which are located near sea coasts, sea food is an important part of national cuisine