FROM THE OFFICE OF PUBLIC AFFAIRS

Mr. Chairman, Senator Moynihan, and Members of the Committee, I am honored to appear before you today as you consider my nomination to be Under Secretary for International Affairs. I am pleased to have my family with me today: my wife, Carole; my daughter, Elise; my son, Benjamin; and my father, Peter.

I am honored to have been nominated by President Clinton for this position, and to have been given this opportunity to continue to work with Secretary Rubin and Deputy Secretary Summers, and the distinguished career civil servants in International Affairs at the Treasury.

I am also pleased to appear before you today with Ted Truman, who brings great talent and experience to the Treasury. We have worked very closely together, particularly over the past six years, and he has helped build a strong, cooperative relationship between Treasury and the Federal Reserve on international financial issues that has served this country well.

I have had the privilege to work at the Treasury for just over a decade, these past months as Assistant Secretary, and before that as a civil servant in a variety of positions under previous administrations.

Our job at the Treasury is to defend and promote American interests in the international economic and financial system. At this particular point in time, our interests lie primarily in the following areas: in working to restore financial stability and growth to a world still in the midst of crisis; in promoting free and fair trade; in advancing market-oriented, open economic policies, together with the institutions and policy tools that can enable countries to enjoy the benefits and manage the risks that come from economic integration; and in developing ways to strengthen the architecture of the international financial system so that we can better prevent and better manage future financial crisis.

As we work to meet these challenges, I am committed to continuing to work closely with this Committee and the Congress.

Thank you, Mr. Chairman. I would be pleased to answer any questions.