FROM THE OFFICE OF PUBLIC AFFAIRS

                                                                     July 9, 2003

President George W. Bush
The White House
Washington, D.C. 20500

Dear Mr. President:

I have come to the conclusion that it will be best for my family to return to New Jersey and, therefore, I write to submit my resignation as Under Secretary of the Treasury for Domestic Finance.

Thank you for the privilege and the honor of serving the American people in your Administration.  Thank you for your leadership and the example of your extraordinary sense of purpose and sense of perspective as to whom it is that we are here to serve.

I am proud to have contributed to some of the particular accomplishments of the past three years, especially our efforts after September the eleventh to reopen our financial markets, stabilize the airline industry, enact terrorism risk insurance, and to promote the investment and job creation that are the engine of our economy’s growth. 

I am also proud of the work of the Office of Domestic Finance, and of the Treasury’s extraordinary staff, in our stewardship of the government’s financial accounts, in financing the government’s borrowing needs at the lowest cost over time, and in promoting both the resilience of our financial sector and the efficiency with which our collective savings are converted into investment.

I look forward to working with Secretary Snow to manage an effective transition for my successor however best I can.  In anticipation of this, I propose that my resignation be effective the tenth of October.

Thank you again for the privilege of serving under your leadership.

                                                      Sincerely,

                                                      Peter R. Fisher