Henry "Hank" Merritt Paulson Jr. (born March 28, 1946) is an American banker and financier who served as the 74th United States Secretary of the Treasury from 2006 to 2009. Prior to his role in the Department of the Treasury, Paulson was the Chairman and Chief Executive Officer (CEO) of major investment bank Goldman Sachs .
Henry Paulson, in full Henry Merritt Paulson, Jr., byname Hank Paulson, (born March 28, 1946, Palm Beach, Florida, U.S.), American business executive who served as secretary of the U.S. Department of the Treasury (2006–09). As Treasury secretary, Paulson was a member of the board of governors of the International Monetary Fund.
Henry M. Paulson, Jr. (2006 - 2009) Secretary Henry M. Paulson, Jr. led President George W. Bush’s economic team in designing and coordinating the successful domestic and international response beginning in 2008 to the greatest financial crisis since the Great Depression. His courage and decisiveness helped protect the United States financial system from collapse, staving off an economic catastrophe that might have well have seen unemployment reach the level last recorded in the 1930s.
- Early Life and Education
- Treasury Secretary
- Growing Crisis
- Too Big to Fail
- The Paulson Institute
- How Did Henry Paulson Effect Policies With China During His Tenure As Treasury Secretary?
- What Is Henry Paulson's View of Regulations in Banking Industry?
- What Is "Straight Talk With Henry Paulson"?
Henry Paulson is regarded as a successful American banker and civil servant. As U.S. Secretary of the Treasury under President George W. Bush, Paulson is best known for spearheading efforts to support the United States economy during the 2008 financial crisis.
He is the author of five books, including On The Brink: Inside The Race To Stop The Collapse Of The Global Financial System and Dealing with China: An Insider Unmasks the New Economic Superpower.
Henry Paulson served as U.S. Treasury Secretary during the 2008 financial crisis.
He co-authored Firefighting: The Financial Crisis and its Lessons with Ben Bernanke and Timothy Geithner.
Henry "Hank" M. Paulson Jr. was born in Palm Beach, Florida, and raised in Barrington, Illinois. He earned a bachelor's degree in English from Dartmouth College in 1969 and an MBA from Harvard Business School in 1970. Paulson began his career on the White House Domestic Council as a staff assistant before joining Goldman Sachs in 1974, where he wou...
Nominated by President George W. Bush on June 19, 2006, and confirmed by the Senate on June 28, 2006, Henry Paulson was sworn into office on July 10, 2006, as the 74th U.S. Secretary of the Treasury. In his role, Paulson acted as the President's leading policy advisor on a broad range of domestic and international economic issues, most notably the ...
On Wednesday, Feb. 7, 2007, just seven months into Henry Paulson's tenure, HSBC Bank USA announced losses linked to U.S. subprime mortgages. 1 This event signaled the beginning of what became the 2008 financial crisis, regarded as the worst economic disaster since the Great Depression of 1929. As months passed, and defaults grew, Paulson would take...
In their book, Firefighting: The Financial Crisis and its Lessons, Paulson, Bernanke, and Timothy Geithner, New York's Federal Reserve chair in 2008, wrote, "Epic financial infernos don’t happen often. Usually, turmoil in financial markets burns itself out. Markets adjust, firms fail, and life goes on. Sometimes, financial fires get so serious that policymakers need to help put them out." 2
In March 2008, Paulson oversaw the merger of Bear Stearns with JPMorgan Chase, a deal delivered with $29 billion of government financing for Bear Stearns’ troubled assets. In this major play by the U.S. Treasury to curb the financial crisis, public criticism of Henry Paulson and Ben Bernanke grew. The Republican right-wing was averse to any tampering with the free market, and the Democratic left was outraged by the government rescue of Wall Street’s overpaid elite. 3
The U.S. Treasury, under Paulson, established several programs under the Troubled Assets Relief Program (TARP). The program began in 2008 and ended in 2010. During its active two years, TARP helped prevent the collapse of the American auto industry, restart the secondary credit markets to keep credit flowing to households and businesses, and stabil...
Henry Paulson, as U.S. Treasury Secretary, helped improve U.S. economic relations with China during his tenure. 5 He also worked to modernize the system for issuing U.S. Treasury bonds (T-Bonds), helped enhance the national security review process to spur foreign investment in the United States, and launched a program to fight the funding of terrorist groups. 6 Paulson also worked to improve the United States’ trading relationships with Panama, Colombia, South Korea, and Peru. 7
At the end of his tenure with the Treasury Department, Paulson founded The Paulson Institute at the University of Chicago in 2011. 8 Focused on sustainable economic growth and preserving the natural environment in the United States and China, the Paulson Institute is a think tank and learning center.
As Treasury Secretary, Paulson created the Strategic Economic Dialogue with China, a framework for managing a bilateral economic relationship on a long-term strategic basis. 9
Henry Paulson has often proposed an increase in regulations to prevent further financial crises. He has suggested that "a regulator can step in and has the power to liquidate an institution, to liquidate and let it fail in a manner so that it doesn't hurt the American people." 10
Straight Talk with Henry Paulson is a series of podcasts initiated as part of the Paulson Institute. Henry Paulson speaks with leaders and educators around the globe in his series.
- Role as Treasury Secretary
- U.S.-China Strategic Economic Dialogue
- 2008 Financial Crisis
- Early Career
The U.S. Treasury's $16 billion budget makes it one of the largest. It controls another $675 billion in tax credits and debt financing, including Treasury bonds, as of fiscal year 2021.3It manages the Internal Revenue Service, the U.S. Mint, and the Bureau of the Public Debt. President George W. Bush hired Paulson for his strong connections to Wall...
Bush also hired Paulson to work with China to raise the value of its currency. At the same time, he wanted China to open its financial markets to U.S. investors. Paulson immediately launched the U.S.- China Strategic Economic Dialogue, in which high-ranking U.S. and Chinese officials agreed to meet twice a year to further economic cooperation betwe...
The 2008 financial crisis diverted Paulson's attention back to the United States. In February, he helped launch the Bush economic stimulus plan. The Treasury Department sent $120 billion in tax rebate checks to spur spending and growth.9 On July 13, he announced a rescue plan for Fannie Mae and Freddie Mac, which included temporary lending authorit...
Paulson got his B.A. from Dartmouth in 1968. He was a member of Phi Beta Kappa, and an All-Ivy, All-East football player. He received an MBA from Harvard Business School in 1970. Paulson was a Staff Assistant to the Assistant Secretary of Defense from 1970 to 1972. He became Staff Assistant to President Nixon from 1972 to 1973. He joined Goldman Sa...
- Kimberly Amadeo
- President, World Money Watch
Henry M. Paulson, Jr., is a business leader, conservationist, statesman, and author. He is the founder and chairman of the Paulson Institute. He also serves as executive chairman of TPG Rise Climate. Paulson is dedicated to the advancement of free markets, environmental protection, the rule of law, and upholding the basic rights of democracy.
Jan 6, 2021 · Mr. Paulson, who has spent the last 12 years since leaving his post at the Treasury away from the private sector running his nonprofit institute and working on climate change initiatives, demurred.