Henry Paulson

Hank Paulson
Born	Henry Merritt Paulson Jr. 28 3, 1946
Birthplace	Palm Beach, Florida, U.S.
Nationality	American
Occupation	Investment banker, financier, government official
Known for	74th United States Secretary of the Treasury; Chairman and CEO of Goldman Sachs; Founder of the Paulson Institute
Education	Dartmouth College (BA) Harvard University (MBA)
Spouse(s)	Wendy Judge
Children	2
Awards	Distinguished Eagle Scout Award
Website	[http://www.paulsoninstitute.org/ Official site]

Henry Merritt "Hank" Paulson Jr. (born March 28, 1946) is an American investment banker, financier, and former government official who served as the 74th United States Secretary of the Treasury from 2006 to 2009 under President George W. Bush. Before entering government service, Paulson spent more than three decades at Goldman Sachs, rising to become the firm's chairman and chief executive officer. His tenure at the Treasury Department coincided with one of the most turbulent periods in modern financial history — the financial crisis of 2007–2008 — during which he played a central role in orchestrating the federal government's response, including the controversial Troubled Asset Relief Program (TARP) and the conservatorship of mortgage giants Fannie Mae and Freddie Mac. Since leaving government, Paulson has focused on U.S.–China relations and environmental sustainability through the Paulson Institute, which he founded in 2011 at the University of Chicago, and has served as executive chairman of TPG Rise Climate, a global investment fund focused on climate solutions. In 2025, Paulson continued to be active in public discourse regarding financial markets and international diplomacy, issuing warnings about risks to the U.S. Treasuries market and meeting with senior Chinese officials in Beijing.

Early Life

Henry Merritt Paulson Jr. was born on March 28, 1946, in Palm Beach, Florida. He grew up in Barrington Hills, Illinois, a rural community northwest of Chicago, where his family operated a farm. Paulson developed an early appreciation for nature and the outdoors during his upbringing in the Illinois countryside, interests that would later inform his conservation work in both the private and public sectors.

As a youth, Paulson was active in the Boy Scouts of America, ultimately achieving the rank of Eagle Scout, the organization's highest honor. He was later recognized with the Distinguished Eagle Scout Award, which is granted to Eagle Scouts who have distinguished themselves in their life's work for a period of at least 25 years after earning the rank. The lessons of discipline, leadership, and community service that Paulson learned through Scouting were frequently referenced in later profiles of his career. Scouting magazine featured Paulson in connection with his achievements and his Eagle Scout background.

Paulson was also a standout athlete in his youth. He excelled in football and was a talented enough player to earn a spot on the varsity team at Dartmouth College, where he played offensive and defensive line. His physical toughness and competitive drive on the football field were traits that associates later noted carried over into his career in finance and government.

Education

Paulson attended Dartmouth College in Hanover, New Hampshire, where he earned a Bachelor of Arts degree. At Dartmouth, he was a member of the football team and was active in campus life. He graduated from Dartmouth and was later ranked among the college's most notable alumni by 02138 magazine. Paulson returned to Dartmouth on multiple occasions as a guest speaker after his career in finance and government, including a notable appearance in 2007. Dartmouth has continued to feature prominently in Paulson's post-government life; in 2025, the college launched the Davidson Institute for Global Security, a nonpartisan center aimed at forging innovative approaches to international security research and preparing undergraduates for leadership roles.

After completing his undergraduate education, Paulson enrolled at Harvard Business School, where he earned a Master of Business Administration (MBA) degree. His education at Harvard provided the foundation for his subsequent career in investment banking.

Career

Early Career and Goldman Sachs

Paulson began his career in Washington, D.C., serving as an assistant to John Ehrlichman at the White House during the Nixon administration in the early 1970s. He joined Goldman Sachs in 1974 and spent the next three decades rising through the firm's ranks. Paulson worked in the firm's Chicago office and became a partner, eventually leading the investment banking division.

In 1999, Paulson was named chairman and chief executive officer of Goldman Sachs, one of the most prominent investment banks in the world. Under his leadership, Goldman Sachs solidified its position as a leading global financial institution. Paulson oversaw the firm during a period of significant growth in the financial services industry, as Goldman expanded its trading operations, investment banking advisory services, and asset management business.

Throughout his tenure as CEO, Paulson was known for his intense work ethic and demanding management style. He also maintained a strong interest in environmental conservation, serving on the board of The Nature Conservancy and advocating for corporate responsibility on environmental issues, a stance that distinguished him from many of his peers on Wall Street. When Paulson departed Goldman Sachs to join the Treasury Department in 2006, he was required to divest his substantial holdings in Goldman Sachs stock. Reports at the time indicated that his Goldman Sachs stock and stock units were valued at approximately $500 million.

Secretary of the Treasury

On July 10, 2006, Paulson was sworn in as the 74th United States Secretary of the Treasury, succeeding John W. Snow. President George W. Bush had nominated Paulson for the position, and he was confirmed by the United States Senate with broad bipartisan support. His deputy secretary was Robert M. Kimmitt.

Paulson's early months at the Treasury Department focused on economic diplomacy, particularly in strengthening economic ties with China. He launched the Strategic Economic Dialogue (SED) with China, a high-level framework for bilateral economic engagement that brought together senior officials from both governments to discuss trade, currency policy, energy, and environmental issues. This initiative reflected Paulson's long experience dealing with China during his years at Goldman Sachs and would become a defining element of his post-government career as well.

Financial Crisis of 2007–2008

Paulson's tenure as Treasury Secretary is most closely associated with the financial crisis of 2007–2008, which escalated into the most severe global economic downturn since the Great Depression. Beginning in the summer of 2007, the U.S. housing market experienced a sharp decline, triggering widespread losses at financial institutions that had invested heavily in mortgage-backed securities and other complex financial instruments.

In the spring and summer of 2008, the crisis intensified. In July 2008, Paulson sought and received authority from Congress to intervene in the housing finance system. On September 7, 2008, the Treasury Department and the Federal Housing Finance Agency (OFHEO) placed Fannie Mae and Freddie Mac, the two government-sponsored enterprises that guaranteed roughly half of all U.S. mortgages, into conservatorship. The government committed up to $200 billion to backstop the enterprises, a move Paulson described as necessary to preserve stability in the housing and financial markets.

The crisis reached its peak in September 2008 with the collapse of Lehman Brothers, the rescue of insurance giant American International Group (AIG), and a severe freeze in global credit markets. Paulson, working in close coordination with Federal Reserve Chairman Ben Bernanke and Federal Reserve Bank of New York President Timothy Geithner, played a central role in shaping the government's emergency response. The New Yorker published a detailed account of the intense negotiations and decisions that occurred during this period.

Paulson proposed and advocated for the Troubled Asset Relief Program (TARP), a $700 billion financial rescue package that was initially rejected by the United States House of Representatives on September 29, 2008, causing a dramatic stock market decline. After revisions, TARP was passed by Congress and signed into law by President Bush on October 3, 2008, as the Emergency Economic Stabilization Act of 2008. TARP authorized the Treasury to purchase or insure troubled assets from financial institutions in order to stabilize the financial system.

The decision-making during this period attracted significant analysis and criticism. Slate published commentary examining Paulson's role and the broader government response to the crisis. Time magazine named Paulson as a runner-up for its Person of the Year in 2008, recognizing his central role in the government's crisis response.

Paulson's actions during the crisis were controversial. Supporters credited him with preventing a total collapse of the global financial system, while critics questioned the decision to allow Lehman Brothers to fail, the terms of the AIG bailout, and the lack of conditions imposed on banks that received TARP funds. Some observers noted the potential conflicts of interest arising from his former position at Goldman Sachs, which was among the institutions that benefited from the government's rescue of AIG. Paulson served through the end of the Bush administration, leaving office on January 20, 2009, and was succeeded by Timothy Geithner.

Post-Government Career

Paulson Institute

After leaving the Treasury Department, Paulson turned his attention to academia, policy, and environmental advocacy. In June 2011, he was appointed as a distinguished senior fellow at the Harris School of Public Policy Studies at the University of Chicago. In this role, Paulson engaged actively with students and faculty, working with more than 1,200 students during his first year at the university. He hosted public events at the university, including a planned conversation with former U.S. Secretary of State Condoleezza Rice in November 2011.

In 2011, Paulson founded the Paulson Institute at the University of Chicago to promote sustainable economic growth and a cleaner environment, with an initial focus on the relationship between the United States and China. The institute works at the intersection of economics, finance, and environmental policy, seeking to foster cooperation between the world's two largest economies on issues such as climate change, urbanization, and cross-border investment.

Paulson also became involved with the Financial Services Roundtable and other industry organizations in discussions about financial regulatory reform in the years following the crisis.

Climate Investing and TPG Rise Climate

In January 2021, Paulson took on a new role as executive chairman of TPG Rise Climate, a global investment fund launched by alternative asset manager TPG Inc. and focused on investing in companies and projects that address climate change. The fund was developed with input from environmental leaders and public figures, including Bono, who reached out to Paulson in the fall of 2020 to discuss the initiative. TPG Rise Climate represented a continuation of Paulson's longstanding interest in environmental conservation and his belief that market-based solutions could play a significant role in addressing climate change.

Continued Public Engagement

Paulson has remained active in public policy discussions and international diplomacy well into the 2020s. In July 2025, Chinese Vice Premier Ding Xuexiang met with Paulson in Beijing, reflecting his continued role as an informal intermediary between the United States and China on economic matters.

In August 2025, Paulson, along with former Treasury Secretary Timothy Geithner, issued a joint warning about potential threats to the $29 trillion U.S. Treasuries market. The two former officials, who had served consecutively during the financial crisis, highlighted vulnerabilities in the market and called for measures to preserve confidence in U.S. government debt.

Author

Paulson authored the book On the Brink: Inside the Race to Stop the Collapse of the Global Financial System, published by Business Plus in 2010. The book provided Paulson's firsthand account of the events leading up to and during the 2008 financial crisis, including the decisions surrounding the conservatorship of Fannie Mae and Freddie Mac, the collapse of Lehman Brothers, and the creation and implementation of TARP. The memoir offered detailed descriptions of the negotiations and internal deliberations among government officials, regulators, and financial industry leaders during the crisis.

Personal Life

Paulson is married to Wendy Judge. The couple has two children, including a daughter named Merritt. Paulson and his wife are both committed conservationists with a particular interest in bird-watching and the preservation of natural habitats. His involvement with The Nature Conservancy predates his government service, and he has continued to support environmental causes throughout his career.

Paulson is a member of the Republican Party. Despite his party affiliation, his work at the Paulson Institute and on climate-related investment through TPG Rise Climate has involved collaboration across political lines.

He has maintained ties to his alma mater, Dartmouth College, and to the University of Chicago, where the Paulson Institute is based. Paulson is also a recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America, recognizing his achievements as an Eagle Scout and his subsequent career accomplishments.

Recognition

Paulson's role during the 2008 financial crisis brought him significant public attention. Time magazine named him as a runner-up for its Person of the Year in 2008, citing his central role in the federal government's response to the crisis.

He received the Distinguished Eagle Scout Award from the Boy Scouts of America, one of the organization's highest honors for Eagle Scouts who have achieved distinction in their professional and civic lives.

At the University of Chicago, Paulson was recognized for his contributions to student education and public policy engagement during his time as a distinguished senior fellow at the Harris School of Public Policy Studies. During his first year, he worked with more than 1,200 students, participating in seminars, lectures, and mentoring activities.

Paulson's published works, including On the Brink, contributed to the public record of the 2008 financial crisis and have been cited in academic and journalistic analyses of the period. His involvement with the Paulson Institute and TPG Rise Climate has positioned him as a figure in discussions about the intersection of finance and environmental policy.

In the realm of international diplomacy, Paulson's ongoing engagement with Chinese officials, including his July 2025 meeting with Vice Premier Ding Xuexiang in Beijing, has underscored his continued influence as an informal channel between the United States and China on economic matters.

Legacy

Henry Paulson's legacy is inextricably linked to his leadership during the financial crisis of 2007–2008, one of the defining economic events of the early 21st century. His decisions as Treasury Secretary — from placing Fannie Mae and Freddie Mac into conservatorship to the creation and passage of TARP — reshaped the relationship between the federal government and the financial industry and set precedents that continue to influence economic policy.

The TARP program, while deeply controversial at the time of its passage, was later credited by many economists and policymakers with stabilizing the financial system and preventing a more severe economic collapse. The U.S. government ultimately recovered most of the funds disbursed under TARP. However, the program also generated lasting public frustration over the perception that Wall Street institutions were bailed out while ordinary homeowners and workers bore the brunt of the economic downturn.

Paulson's creation of the Strategic Economic Dialogue with China established a framework for high-level bilateral economic engagement that subsequent administrations continued in various forms. His post-government work through the Paulson Institute has extended this focus, making him one of the most prominent American figures engaged in U.S.–China economic relations. His 2025 meetings with Chinese officials and his joint warnings with Timothy Geithner about U.S. Treasury market risks demonstrate his continued engagement with the policy issues that defined his government service.

His transition to climate-focused investing through TPG Rise Climate represented an evolution in his career, applying his financial expertise to environmental challenges. This work built on a conservation ethic that had been a consistent theme throughout his life, from his youth in rural Illinois to his board service at The Nature Conservancy and his founding of the Paulson Institute.