Henry Paulson facts for kids
Quick facts for kids
Henry Paulson
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Official portrait, 2006
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| 74th United States Secretary of the Treasury | |
| In office July 10, 2006 – January 20, 2009 |
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| President | George W. Bush |
| Deputy | Robert M. Kimmitt |
| Preceded by | John W. Snow |
| Succeeded by | Tim Geithner |
| Personal details | |
| Born |
Henry Merritt Paulson Jr.
March 28, 1946 Palm Beach, Florida, U.S. |
| Political party | Republican |
| Spouse | Wendy Judge |
| Children | 2, including Merritt |
| Education | Dartmouth College (BA) Harvard University (MBA) |
| Signature |  |
Henry "Hank" Merritt Paulson Jr. (born March 28, 1946) is an American banker and financier. He is best known for serving as the 74th United States Secretary of the Treasury from 2006 to 2009. Before this important job, Paulson was the head of a major investment bank called Goldman Sachs.
He worked as Treasury Secretary under President George W. Bush until the end of Bush's time in office. After leaving government, Paulson started the Paulson Institute in 2011. This group works to help economies grow in a way that protects the environment, especially in the United States and China. He also helps lead a global fund focused on climate change.
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Henry Paulson's Early Life and School
Henry Paulson was born in Palm Beach, Florida. His father was a jeweler. He grew up on a farm in Barrington, Illinois, and was raised as a Christian Scientist. His family background includes Norwegian, German, and English Canadian roots.
Paulson was an Eagle Scout in the Boy Scouts of America. This is the highest rank a scout can earn. He also received the Distinguished Eagle Scout Award.
High School and College Years
At Barrington High School, Paulson was a good athlete. He played both wrestling and football. He finished high school in 1964.
He then went to Dartmouth College, where he studied English and graduated in 1968. At Dartmouth, he was a strong football player. He was recognized as one of the best offensive linemen in his league. Paulson later earned a business degree from Harvard Business School in 1970.
Paulson's First Jobs
From 1970 to 1972, Paulson worked at The Pentagon. He was an assistant to a high-ranking official in the Department of Defense. After that, he worked for U.S. President Richard Nixon's administration from 1972 to 1973.
Working at Goldman Sachs
Paulson joined Goldman Sachs in 1974. Goldman Sachs is a very large company that helps other businesses with money matters, like investing. He started in their Chicago office. He became a partner in the company in 1982.
Over the years, Paulson moved up the ranks at Goldman Sachs. He led different banking groups and became the chief operating officer. Eventually, he became the chairman and chief executive officer (CEO) of the entire company. Before becoming Treasury Secretary, he earned a lot of money from Goldman Sachs.
Building Ties with China
During his time at Goldman Sachs, Paulson built strong relationships with leaders in China. He visited the country many times. These connections became very important later when he was Treasury Secretary.
Before he could become Treasury Secretary, Paulson had to sell all his shares in Goldman Sachs. This was to avoid any conflicts of interest. This means he couldn't make decisions that would benefit him personally while working for the government.
Serving as U.S. Secretary of the Treasury
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On May 30, 2006, President George W. Bush chose Paulson to be the new Treasury Secretary. The United States Senate approved his nomination, and he officially started the job on July 10, 2006.
As Treasury Secretary, Paulson focused on several key economic issues. He pointed out the large gap between the richest and poorest Americans as a problem that needed to be fixed. He also worked to help homeowners who were struggling during a difficult time for the housing market.
Working with China on the Economy
Paulson played a big role in improving economic relations between the U.S. and China. He started a special meeting series called the U.S.-China Strategic Economic Dialogue. This allowed the two countries to discuss important economic topics.
He encouraged China to open up its financial markets more. He believed this would help China's economy grow even stronger.
The 2007–2009 Financial Crisis
Paulson became Treasury Secretary just before a major economic crisis hit the U.S. and the world. This crisis involved problems with housing loans and banks.
Plans for Financial Rules
In 2008, Paulson suggested a plan to update the rules for the financial system. He said that the financial world had changed a lot. New rules were needed to keep up with global markets and new ways of doing business. He wanted a system that could handle problems better and protect investors.
Lehman Brothers Bank Fails
One of the biggest moments of the crisis was when a large investment bank called Lehman Brothers went bankrupt. Paulson and others tried to find a way for another bank to buy Lehman Brothers, but it didn't work out. This failure caused a lot of fear and problems in the financial markets.
Government Steps In to Help
To prevent the economy from getting even worse, Paulson led the government's efforts to stabilize the financial system. The stock market had dropped sharply, and banks were struggling. Paulson worked with Ben Bernanke, the head of the Federal Reserve, to create a plan.
Congress approved a plan that allowed the Treasury to use $700 billion to help financial companies. This was called the Troubled Assets Relief Program (TARP). The goal was to give money to banks so they could start lending again and keep the economy moving. The government would get a share in these banks in return.
Time magazine recognized Paulson's role during this crisis. They said that he faced a very difficult situation and there was no easy solution.
Concerns About Conflicts of Interest
Some people raised concerns about potential conflicts of interest because Paulson used to be the CEO of Goldman Sachs. Goldman Sachs was one of the companies that received help during the bailout. However, Paulson had sold all his shares in Goldman Sachs before becoming Treasury Secretary, as required by law. This meant he no longer had a direct financial interest in the company.
Life After Public Service
After leaving his job as Treasury Secretary, Paulson continued to be active. He spent time at Johns Hopkins University as a visiting scholar.
In 2010, he wrote a book called On the Brink. This book describes his experiences as Treasury Secretary during the financial crisis. He also wrote another book, Dealing with China, about his work with Chinese leaders.
The Paulson Institute
In 2011, Paulson started the Paulson Institute. This organization works to improve the relationship between the U.S. and China. It also focuses on promoting economic growth that is good for the environment. Paulson believes that a strong U.S.-China relationship is important for global stability.
Paulson's Civic Activities
Paulson is known for his love of nature. He has been a member of The Nature Conservancy for many years and was even its chairman. He worked with former Chinese President Jiang Zemin to protect a beautiful natural area in China called the Tiger Leaping Gorge.
He also co-chairs a group called Risky Business. This group helps people understand how climate change can affect the economy. Paulson strongly believes that human actions cause global warming and that we need to act now to reduce its effects. He has also given a lot of his own money to support conservation efforts.
Paulson's Personal Life
Henry Paulson is married to Wendy Judge. They met during his senior year of college.
They have two adult children. Their son, Henry Merritt Paulson III (known as Merritt Paulson), owns sports teams. Their daughter, Amanda Paulson, is a journalist. The Paulsons became grandparents in 2007. They have homes in Chicago and Barrington Hills, Illinois.
Awards and Recognition
- 2007: Golden Plate Award from the American Academy of Achievement.
- 2011: Leadership Award for Advancing U.S.-China Relations from The Committee of 100.
- 2016: Environmental Achievement Award from the Environmental Law Institute.
- 2009: Alumni Achievement Award from Harvard Business School.
See also
In Spanish: Henry Merritt Paulson Jr. para niños
