Insurance industry groups cheered President Bush's nomination ofGoldman Sachs chairman Hank Paulson as the new Secretary of theTreasury, saying his choice will help their sector.

American Insurance Association senior vice president Leigh AnnPusey said Mr. Paulson's role in the financial services sector wasa plus for the insurance industry.

“We are particularly encouraged that someone with such greatexperience and a history of leadership in the financial servicessector will serve in this important capacity,” she said.

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