The Senate Finance Committee yesterday approved the nomination of former Goldman Sachs boss Henry Paulson to succeed John Snow as United States Treasury Secretary.
The committee gave its approval following Tuesday's nomination hearing, at which Paulson voiced his support for a continuation of the Bush administration's policy of tax cuts and simplification of the US tax code.
"I watched the role the tax cuts played in getting this economy to where it now is and I think we should all feel very fortunate the economy is growing," Paulson told the senators.
He expressed his support for extending tax cuts passed during Bush's presidency, arguing that not to do so would amount to a "counter productive" tax increase.
Paulson also pledged his support for the administration's goal of achieving broader tax reform, noting that the government should strive to collect taxes "in a simpler and fairer manner that does not distort economic decision-making".
The Treasury Secretary-designate also stated that he would be keen to build upon the administration's trade policy concerning China, and indicated that he would be prepared to push Beijing "aggressively" to bring about financial sector liberalisation and release its grip on the Chinese currency, the yuan.
"Until they (the Chinese) have a fully functioning financial system, a modern financial system which they don't have now, they are not going to be able to have a currency that trades in the competitive marketplace," he observed.
The former Chairman and Chief Executive Officer of the Goldman Sachs Group, was nominated by President Bush to succeed John Snow last month, after the latter tendered his resignation, citing the wish to return to private life.
According to Bush, Paulson's extensive experience and knowledge of the financial markets makes him the ideal candidate to follow on from Snow.
"He has a lifetime of business experience; he has an intimate knowledge of financial markets and an ability to explain economic issues in clear terms," Bush observed.
Senate Majority Leader Bill Frist stated yesterday morning that the full Senate will consider Paulson's nomination later in the week.
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