High-profile Wall Street heavyweight Henry "Hank" Paulson is expected to assume a major role in helping shape the nation's economic policy, as the former chairman and chief executive of investment banking concern Goldman Sachs Group Inc. is poised to become the third Treasury secretary during President Bush's administration.Bush nominated the 60-year-old Paulson to succeed John W. Snow, who resigned in late May to return to the private sector.

A surprising choice, Paulson was not considered a front-runner for the post by Beltway insiders and pundits, who indicated that Texas oilman Donald L. Evans, who served as the president's first commerce secretary, was considered a heavy favorite for the nomination.

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