U.S. trade & treasury offices see high level staff changes.

The Office of the United States Trade Representative (USTR) has experienced significant staff changes in several high-ranking positions. The U.S. Senate confirmed President Bush's nomination of Susan C. Schwab to head the office as U.S. Trade Representative, a Cabinet member who serves as the president's principal trade advisor, negotiator, and spokesperson on trade issues. Schwab previously held the post of Deputy U.S. Trade Representative overseeing U.S. trade relations with Europe and Eurasia, the Middle East and the Americas.

In an effort to enhance trade enforcement, Schwab has appointed Claire E. Reade as chief counsel for China trade enforcement. This is a new position, created as a result of the USTR's "top-to-bottom review" of U.S.-China trade policy released this past February.

Reade will coordinate USTR's efforts to ensure China's compliance with its international trade commitments, particularly its World Trade Organization obligations and the commitments that China has made within the U.S.-China Joint Commission on Commerce and Trade. She also will co-chair USTR's newly formed China Enforcement Task Force. Currently a senior partner at the Arnold & Porter law firm, Reade has worked on international trade issues since 1982.

The Senate also confirmed the President's nomination of Henry M. Paulson Jr., chairman and chief executive of investment bank Goldman Sachs, as Secretary of Treasury, replacing Secretary John W. Snow. A one-time staff assistant to President Richard M. Nixon, Paulson has spent the past 32 years at Goldman Sachs, serving as its chairman and CEO since the company went public in 1999.

Paulson has extensive China experience. He told members of the Senate Finance Committee during his confirmation hearing that the Chinese understand they should let the yuan adjust to reflect the fundamentals of their economy, but he also said a freely floating currency is not in the immediate picture. The Chinese currency has only appreciated about 3% since last summer when the government announced an adjustment in its exchange rate regime.