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To: RealMuLan who wrote (54726)	8/12/2006 10:07:19 AM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

Quarles Quits, Giving Paulson Way to Reshape Treasury (Update3) Aug. 10 (Bloomberg) -- Randal Quarles, the U.S. Treasury's undersecretary for domestic finance, plans to quit government by year's end, presenting Secretary Henry Paulson an opportunity to reshape the department he took over last month. ``The significant thing is, it's going to give Henry Paulson a chance to make a senior level appointment,'' Bruce Bartlett, a Treasury official during George H.W. Bush's tenure, said in an interview. Quarles, who said today he will leave at the end of the current congressional session, becomes the third senior figure to follow former secretary John Snow's return to private life. Mark Warshawsky, the department's chief economist, and Arnold Havens, the general counsel, both left on July 28. Paulson, the former chief executive officer of Goldman Sachs Group Inc., hasn't rushed to put his mark on the Treasury since he was sworn in on July 10. The only major addition is James Wilkinson, a former communications adviser to Secretary of State Condoleezza Rice, who was hired as chief of staff. Neither Warshawsky nor Havens has been replaced. ``I was disappointed to learn when I arrived that Randy had long planned to return to the private sector around the time of this year's mid-term elections,'' Paulson said in a statement in Washington today. ``Over the long term I will continue to rely on his advice and counsel.'' Late in Term Paulson may struggle to replace Quarles and the other departures with the best talent because it's late in President George W. Bush's term, limiting opportunities to make an impact, Brian Roseboro, who preceded Quarles as undersecretary for domestic finance, said in an interview. Quarles, 48, performed well in more than five years at the Treasury, most recently overseeing the reintroduction of the 30- year bond in February and lobbying Congress on behalf of the administration to limit the portfolios of mortgage lenders Fannie Mae and Freddie Mac, said Roseboro, who is now managing director at Promontory Financial Group LLC, a consultancy. Following a stint as the U.S. executive director at the International Monetary Fund, Quarles, who holds a PhD in Law from Yale University, was named assistant secretary for international affairs in 2002. He was sworn in as head of domestic finance a year ago. Paulson may also have difficulty getting nominees confirmed. Congress is scheduled to go into recess the first week of October and will likely return to Washington only after the November elections. bloomberg.com