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.

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