Street Vet Tapped to Head Treasury

President Bush has nominated Wall Street veteran Henry Paulson to be his new Treasury secretary and take over for Secretary John Snow, who submitted his resignation Monday morning.Mr. Paulson started his career at Goldman Sachs Group in 1974 and became the chairman and chief executive eight years ago. He has some Washington experience, including stints at the White House and the Pentagon during the Nixon administration. "I want to thank Hank for his willingness to leave one of the most rewarding jobs on Wall Street to serve the American people," President Bush said. The president also thanked Mr. Snow for his three-and-a-half-years of service at the Treasury. Secretary Snow said he will remain at the Treasury until Mr. Paulson is confirmed by the Senate and settles into his new position. At Treasury, Mr. Paulson will oversee administration policies on government-sponsored enterprises. Goldman Sachs does business with Fannie Mae and Freddie Mac.