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ECONOMICS REPORT - Bush Nominates Paulson to Lead TreasuryBy Mario Ritter

Broadcast: Friday, June 02, 2006

I'm Steve Ember with the VOA Special English Economics Report.

President Bush has named Henry Paulson Junior to replace John Snow as the secretary of the Treasury1. Mister Paulson is the chairman and chief executive officer of Goldman Sachs, a leading American investment bank.


President Bush and Henry Paulson at the White House

President Bush announced his decision Tuesday at the White House. Mister Bush said the nominee2 has a deep knowledge of financial markets. He said Mister Paulson would be his main adviser3 on a wide group of economic issues.

Henry Paulson has led Goldman Sachs for seven years. During that time, the stock price of the company has grown by more than one hundred percent. Mister Paulson earned almost forty million dollars at the company last year.

Employees of Goldman Sachs have served in the administrations of both political parties. Robert Rubin, another former top official of the company, served as Treasury secretary in the Clinton Administration.

The present White House chief of staff, Joshua Bolten, is another former Goldman Sachs employee. He played a large part in getting Mister Paulson to accept the nomination4 as Treasury secretary.

Mister Paulson is considered to be a business leader without ties to the Bush administration. His nomination must be confirmed by the United States Senate.

In accepting the nomination, Mister Paulson said major economies around the world are increasingly linked. But he noted5 the world looks to the United States to drive growth. He said America must continue to compete economically, providing a free and open market. Experts say Mister Paulson will face pressure to reduce spending and limit the budget deficit6.

Mister Paulson also serves as chairman of the board of the Nature Conservancy. The group seeks to save wildlife and wild lands from development.

Henry Paulson was born in Palm Beach, Florida in nineteen forty-six. He grew up on a farm in Illinois, which he still owns. He earned a business degree from Harvard University. Mister Paulson worked at the Defense7 Department and in the Nixon Administration in the early nineteen seventies. He has worked for Goldman Sachs since nineteen seventy-four.

This VOA Special English Economics Report was written by Mario Ritter. Our reports are online at www.unsv.com. I'm Steve Ember.



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1 treasury 7GeyP     
n.宝库；国库，金库；文库
参考例句：
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
2 nominee FHLxv     
n.被提名者；被任命者；被推荐者
参考例句：
  • His nominee for vice president was elected only after a second ballot.他提名的副总统在两轮投票后才当选。
  • Mr.Francisco is standing as the official nominee for the post of District Secretary.弗朗西斯科先生是行政书记职位的正式提名人。
3 adviser HznziU     
n.劝告者，顾问
参考例句：
  • They employed me as an adviser.他们聘请我当顾问。
  • Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。
4 nomination BHMxw     
n.提名，任命，提名权
参考例句：
  • John is favourite to get the nomination for club president.约翰最有希望被提名为俱乐部主席。
  • Few people pronounced for his nomination.很少人表示赞成他的提名。
5 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
6 deficit tmAzu     
n.亏空，亏损；赤字，逆差
参考例句：
  • The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
  • We have a great deficit this year.我们今年有很大亏损。
7 defense AxbxB     
n.防御，保卫；[pl.]防务工事；辩护，答辩
参考例句：
  • The accused has the right to defense.被告人有权获得辩护。
  • The war has impacted the area with military and defense workers.战争使那个地区挤满了军队和防御工程人员。

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