Robert Rubin Appointed Treasury Secretary After 26 Years at Goldman Sachs

Robert E. Rubin was sworn in as the 70th Secretary of the Treasury, bringing Wall Street directly into the highest levels of economic policymaking. Rubin had spent 26 years at Goldman Sachs, rising to co-chairman from 1990-1992, before joining the Clinton administration as director of the National Economic Council in 1993. His appointment represented a direct revolving door from one of Wall Street’s most powerful investment banks to the Treasury Department.

Rubin’s tenure would be marked by aggressive financial deregulation that would benefit the very industry he came from. His deep connections to Goldman Sachs and Wall Street ideology would influence key policy decisions throughout his time in office, including opposition to derivatives regulation and support for Glass-Steagall repeal. This appointment established the template for Wall Street capture of Treasury that would continue through multiple administrations.