FROM THE OFFICE OF PUBLIC AFFAIRS

September 13, 2004
JS-1907

Statement by U.S. Treasury Secretary John Snow on the Departure of
R. Richard Newcomb, Director of the Office of Foreign Assets Control

"Director Newcomb has brought strong leadership and great distinction to the Treasury Department's Office of Foreign Assets Control (OFAC), where he has served as director for over 17 years. Under Rick's leadership, OFAC has been pivotal in administering and enforcing economic sanctions against rogue nations and targeted individuals – a crucial economic and foreign policy weapon in our arsenal against terrorism, terrorist financing, drug kingpins, narcotic traffickers and their support networks and those who threaten the security of the United States and international community.

"During his tenure, OFAC has played a significant role within the U.S. Government and the international community in demonstrating that economic sanctions can be very effective as a tool of international diplomacy.  Moreover, the methodologies and strategies for sanctions implementation and targeting developed under his leadership and supervision are among the principal tools used today to wage the war on terrorism and terrorist financing.  This is an extraordinary accomplishment and a major contribution to national security.

"Rick has dedicated much of his life to serving the U.S. Government, and I praise him for that service. His leadership and accomplishment exemplifies the highest standards of public service in terms of quality, efficiency and results.  He has attracted to OFAC a group of highly talented and dedicated public servants who serve the American people well every day. His colleagues and I wish him the best in his future endeavors and he departs with the sincere gratitude and best wishes of all of us here at Treasury," said Snow.