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May 19, 2005
JS-2459 Treasury Secretary Snow Appoints Olin L. Wethington
as Special Envoy on China Treasury Secretary John Snow today announced that he is appointing Olin L. Wethington as his Special Envoy on China. Mr. Wethington will be responsible for direct engagement with China on issues related to exchange rate and financial market reform.
"I'm very pleased that Olin Wethington has agreed to take on this assignment," said Secretary John Snow. "His appointment comes at a time when continuation of certain policies constrains adjustment of international imbalances and poses risk to global economic growth. His appointment seeks to continue and intensify a constructive dialogue with China on these issues. This is a critical time for China to implement necessary economic reforms – most notably, reform of its currency regime and the adoption of market-based exchange policies. Olin Wethington brings extensive experience and talent to this position. I have enormous confidence in his ability to do this job."
Secretary Snow directed Mr. Wethington, in carrying out his responsibilities, to consult with other governments as necessary, particularly in Asia and among the G-7, and with international financial institutions, most importantly the International Monetary Fund.
His responsibilities will also include the China portfolio of Ambassador Paul Speltz, who will continue his full-time position as U.S. Executive Director at the Asian Development Bank in Manilla, Philippines. Secretary Snow praised the work of Ambassador Speltz: "Ambassador Speltz did an outstanding job over the past year and has achieved so much, particularly with our Technical Cooperation Program with China. There is no greater testament to Paul's accomplishments than the fact that China today is now ready to introduce currency flexibility. I greatly appreciate the job he has done and I am very pleased that he will continue to represent the United States at the Asian Development Bank."
"It is a great honor to take this assignment, as it is an important priority for the Bush Administration that China implements sound economic policies. I look forward to working with the Chinese government, as well as other governments in the region, and our partners in the G7 to encourage China to reform its currency policy. Such a reform is in China's best interest and it is in the best interest of the global economy," Wethington said.
Mr. Wethington has a successful track record in international financial diplomacy and deep experience in dealing with foreign governments on matters of financial market reform. In 1991-92, he served as Assistant Secretary for International Affairs at the U.S. Treasury. In that capacity, he led a number of important financial market initiatives, particularly in Asia, including the U.S./Japan Structural Impediments Initiative, and was a key participant in the dollar/yen talks. He also chaired the U.S./Korea financial services talks and led, on behalf of the Treasury, discussions during that period with China on exchange rate matters. He served as chief negotiator of the financial services components of the NAFTA, including banking, securities and insurance. In 1990-91, Mr. Wethington served as Executive Secretary, Economic Policy Council, at the White House. In the private sector, as a senior partner with Steptoe & Johnson LLP, he advised over the past several decades numerous major American companies on international financial and trade matters, including with respect to China.
More recently, Mr. Wethington served as Director, Economic Policy, with the Coalition Provisional Authority in Baghdad, where for close to eight months he was the senior Treasury official on banking, finance and economic matters, including the effort to build the capacity of the Central Bank and Finance Ministry of Iraq. Upon his return from Baghdad, he was named Counselor to the Secretary of the Treasury and played a central role in the international effort to reduce substantially Iraq's $125 billion external debt. He led the on-ground negotiations for the United States within the Paris Club that produced international agreement to eliminate 80% of Iraq's external debt--the largest debt write-down by sovereign creditors in the fifty-year history of the Paris Club.
Mr. Wethington will continue to serve in his capacity as Counselor to the Treasury Secretary.
He is a graduate of the University of Pennsylvania, where he majored in Oriental Studies, including Chinese history and language, and of the Harvard Law School.
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