FROM THE OFFICE OF PUBLIC AFFAIRS

FINANCIAL POLICY TIMOTHY F. GEITHNER

NOMINATION TO BE ASSISTANT SECRETARY FOR INTERNATIONAL AFFAIRS

SENATE FINANCE COMMITTEE

Mr. Chairman, Senator Moynihan, and Members of the Committee, I am honored to appear before this distinguished committee as you consider my nomination to be Assistant Secretary of the Treasury for International Affairs. I am pleased to be here with my family: my wife, Carole; my children, Elise and Benjamin; and my father and brother; as well as a number of close friends.

As a career civil servant at the Treasury for the past nine years, it has been my privilege to serve in the Administrations of President Reagan, President Bush, and President Clinton in a number of positions involved with promoting our interests in the international economy and global financial system. I am deeply honored by the confidence expressed by the President and Secretary Rubin in me, and in the career civil service at the Treasury, by nominating me for this position.

I currently serve as the Senior Deputy Assistant Secretary for International Affairs. In this capacity, I have been involved in strengthening our economic and financial relations with the major industrial countries and the nations of Asia, promoting international financial stability, and expanding opportunities for trade.

The United States now faces a number of important challenges in the world economy. Our most important priorities include promoting global growth through cooperation in the G-7 and other fora, strengthening the international financial system, supporting sustainable development and market-oriented reforms in the transition and developing economies, and

expanding opportunities for trade. If confirmed as Assistant Secretary, I will have the honor of

continuing to contribute to the policies pursued by Secretary Rubin in response to these challenges.

These objectives are important to the economic strength of our nation, because as our economy and our financial markets become more integrated with the rest of the world, growth and stability abroad become more important to growth and stability at home.

Leadership by the United States is important to advancing our interests in these areas, and we cannot lead effectively without the involvement and support of the American people and the United States Congress. For this reason, I have been part of an active and meaningful process of consultation with the Congress in my tenure at Treasury. I am committed to working closely with this Committee and the entire Congress, if I am given the opportunity to serve in this position.

If confirmed as Assistant Secretary, I will work to uphold the formidable standards of professionalism and integrity set by David Lipton and his distinguished line of predecessors.

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