New Treasury Chief Says U.S. To Remain 'Engaged' In Global Economy

New Treasury Secretary Henry Paulson pledged July 10 to keep the U.S. "actively engaged" in the global economy as he was sworn in as the top U.S. administration economic official. "We must always remember that the strength of the U.S. economy is linked to the strength of the global economy," the former Goldman Sachs chief executive said at a White House swearing-in ceremony.

"If we retreat from the global stage, the void is likely to be filled by those who do not share our commitment to economic reform. Instead, we must work to expand trade and investment, work to reform and modernize international financial markets and be vigilant in identifying and managing potential financial vulnerability."

Paulson was confirmed last month by the U.S. Senate to replace John Snow, who served three and a half years. Paulson, 60, had served as chief executive of the Goldman Sachs Group since 1999 after working his way up the ranks in the prestigious investment firm, which he joined in 1974. Before joining Goldman Sachs, Paulson worked as a staff assistant to the late Republican president Richard Nixon.

Copyright Agence France-Presse, 2006

TAGS: Trade
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