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MARK AUSTIN THOMAS: As expected, Treasury Secretary John Snow has resigned. This morning President Bush announced he has nominated Goldman Sachs chairman Henry Paulson to replace Snow. Marketplace’s Hillary Wicai has the details.

HILLARY WICAI: In a Rose Garden announcement President Bush said Henry Paulson has a lifetime of business experience and an ability to explain economic issues in clear terms. Bush also used the announcement to crow about the country’s economic expansion saying that in the first quarter of this year the economy grew at its fastest rate in two and a half years. White House officials believed that a Wall Street executive like Paulson could better make the case for the administration’s economic program.

PRESIDENT BUSH:“One of Hank’s most important responsibilities will be to build on this success by working with Congress to maintain a low-tax pro-growth environment.”

Paulson has served as chairman and CEO of Goldman Sachs for about eight years. Last year Goldman Sachs paid him $30 million. He leaves the company as its stock is trading at historic highs. In a brief statement Paulson, called the US economy a marvel.

HENRY PAULSON:“…but we cannot take it for granted. We must take steps to maintain our competitive edge in the world.”

Paulson is not a stranger in Washington. He served as a Pentagon aid and as a White House assistant in the 1970s.

In Washington, I’m Hillary Wicai for Marketplace.