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

American Insurance Association senior vice president Leigh Ann Pusey said Mr. Paulson's role in the financial services sector was a plus for the insurance industry.

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

Frank Keating, chief executive officer of the American Council of Life Insurers, noted the Treasury Department will house the proposed federal insurance regulator should optional federal charter legislation gain approval.

“Mr. Paulson faces many challenges, among them being promoting policies to increase Americans' financial and retirement security,” he said.

Ms. Pusey stressed the role the department played in passing an extension last year of the Terrorism Risk Insurance Act.

Both groups praised outgoing Treasury Secretary John Snow as a worthy partner on critical issues such as TRIA extension and retirement security policies.

Special Reports /

Industry Welcomes Paulson As Treasury Chief

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