Paulson at treasury--don't expect major change in dollar policy.(The Economy)

ABA Banking Journal, July, 2006 by Bryson, Jay H.

WHEN THE WHITE HOUSE announced that Henry Paulson, CEO of Goldman Sachs, would succeed John Snow as Treasury Secretary, the dollar rallied a bit in the wake of the news. The appointment, subject to Senate confirmation, evoked memories of Robert Rubin, another Goldman Sachs alumnus, who, as Treasury Secretary in the Clinton administration, was architect of the "strong dollar policy."

It is important for a modern Treasury Secretary to have Wall Street experience, because that experience gives individuals keen insights into the interdependence of the U.S. economy with the rest of the world. However, we do not believe Paulson's nomination--sound as it is--has major implications for the dollar.

Rubin's "strong dollar policy" was important when it was...

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