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SCOTT JAGOW: Today, The Bush administration says hello to its third Secretary of the Treasury. The former head of Goldman Sachs, Henry Paulson, takes his oath of office. More now from Marketplace’s Amy Scott.

AMY SCOTT: Hank Paulson starts his new job facing record deficits, sky-high energy prices and a declining dollar.

Paul Light teaches public policy at New York University. He says job No. 1 is reviving the Treasury Department.

PAUL LIGHT: The department has been marginalized over the last six years. It’s not the source of primary economic advice to the President anymore. It lost several large units as part of the Homeland Security merger and I don’t think it’s recovered from that.

Some question whether Paulson’s the man to do it. President Bush is known to reward loyalty and long-time friendship. Paulson didn’t even raise money for Bush’s first presidential campaign. But with only two and a half years left in the term, many are willing to cut him some slack on a Treasury overhaul.

In New York, I’m Amy Scott for Marketplace.