The U.S. securities industry is pleased to see one of its own, Henry Paulson, nominated as the country’s next Treasury secretary, replacing John Snow.

Paulson has served as chairman and CEO of Goldman Sachs since 1999 and has been CEO of the company since 1998. He joined the firm in 1974 and is well known for his active work in environmental causes, and has served as chairman of the Nature Conservancy. He went to college at Dartmouth and earned an MBA from Harvard.

In making the nomination today, President George W. Bush said: “It’s one of the most respected firms on Wall Street. He has a lifetime of business experience; he has an intimate knowledge of financial markets and an ability to explain economic issues in clear terms. He’s earned a reputation for candor and integrity. And when he is confirmed by the Senate, he’ll be a superb addition to my Cabinet.

“As one of America’s most prominent business executives, Hank has been a strong and consistent voice for corporate accountability. When the corporate scandals broke, Hank showed his leadership and character by calling for reforms that would strengthen the way America’s public companies are governed and improve their accounting practices. And as Treasury Secretary, Hank will bring those high standards to one of the most important posts in Washington,” Bush added.

“During my 32-year career in finance, I have developed a keen appreciation for the role that capital markets play in driving economic growth and efficiency, putting capital behind people and ideas,” Paulson said. “I have witnessed and participated in the globalization of finance as major economies around the world have become increasingly interdependent. Of course, the whole world is dependent upon the U.S. economy as a major engine of its growth. And our economy’s strength is rooted in the entrepreneurial spirit and the competitive zeal of the American people, and in our free and open market. It is truly a marvel, but we cannot take it for granted. We must take steps to maintain our competitive edge in the world.”

Marc Lackritz, president of the Securities Industry Association congratulated Paulson. “Paulson’s vast experience on Wall Street, his public policy expertise, and his knowledge of global markets make him an ideal candidate for this position,” said Lackritz. “We believe he will play a key role in the continued momentum of the US economy and the development of strategic foreign economic policy.”

Paulson, if approved by the Senate, will join the ranks of other Goldman Sachs executives who have served in top positions in Washington, including Robert Rubin and Jon Corzine, the SIA noted.

Federal Reserve Board chairman Ben Bernanke said, “I have greatly enjoyed the opportunity to work with Secretary Snow. I commend him for his years of dedicated and able service. Mr. Paulson is highly respected throughout the financial world. I look forward to a close working relationship with him in this new role.”