FROM THE OFFICE OF PUBLIC AFFAIRS

FOR FINANCIAL MARKETS

SENATE FINANCE COMMITTEE

I am honored to appear before you today as the President’s nominee to be Assistant Secretary of the Treasury for Financial Markets.

I am particularly pleased to have my family with me on this very special day: my wife, Francesca; my three daughters, Anna, Lee and Isabel; my parents, Sam and Jane Gensler; and my brother, David. When I was asked earlier this year to join the Treasury, I sought the advice of those closest to me. And we decided, as a family, to accept the opportunity - and obligation -- of government service. I want to thank them for their support over the last few months and, if confirmed, their support in the years to come.

The prospect of public service is, for me, an exciting one. I see my service at the Treasury as a way in which I can return something to our country which has given me so much.

I consider myself very fortunate. I grew up in Baltimore surrounded by a strong extended family. I received a first-rate education in the public schools of my home state of Maryland and at the University of Pennsylvania. I have worked as an investment banker during a period of unparalleled growth in the scope, speed, and complexity of financial markets.

I am determined to use my skills and experience in ways that promote and protect the public interest. I cannot stress this point enough.

The broad matters of federal, state and local finance for which the Assistant Secretary for Financial Markets is responsible may seem esoteric. They can, indeed, be

highly technical. I am acutely aware, however, of their importance to the fiscal health of

the Federal government and to our economic well-being as a nation. I assure you that, like the President and Secretary Rubin, I am committed to these objectives.

I believe that I come well prepared for the position to which I have been nominated. After studying finance and accounting at the Wharton School, I joined Goldman Sachs, my professional home for the last 18 years. As an employee and later as a partner, I have had broad experience, both direct involvement and as a manager, in domestic and international financial markets. I have participated in trading, merger advisory work and financial control.

The trust placed in me by the President and Secretary Rubin is a great honor. And I intend, if confirmed by the Senate, to discharge this trust in a way that will fully justify their confidence -- and yours.

I now look forward to answering your questions and, if confirmed, to working closely with this committee, its members and your staff.