FROM THE OFFICE OF PUBLIC AFFAIRS

Today Treasury Assistant Secretary for Economic Policy Richard H. Clarida will leave the Treasury Department to return to Columbia University as Professor of Economics and International Affairs.  He has served at the Treasury Department since September 11, 2001.

On Monday May 12, 2003, Treasury Secretary John Snow presented Clarida with the Treasury Medal, in recognition of his outstanding service. Secretary Snow delivered the following Citation:

"As Assistant Secretary for Economic Policy, Richard H. Clarida’s leadership in implementing the Administration’s economic program was invaluable during the difficult and uncertain times following the terrorist attacks of September 11th.  His creativity and resourcefulness led to the development of a new real-time economic model for forecasting current quarter GDP that satisfied a growing need for timely and accurate data on the pace of economic activity, a model with a commendable record.  He set the standard for making economic information readily accessible to Administration officials through electronic updates, weekly reviews, and special reports, tailoring them to be succinct and relevant to policy-makers.

“Mr. Clarida also played a leading role in the development of the first complete dynamic analysis of a major fiscal policy proposal, the President’s Jobs and Growth program, and tirelessly promoted the proposal in the financial community and to the general public.  Following the revelations of corporate scandals, his sound advice and wise insight helped form critical corporate governance and financial accounting reform proposals.  Mr. Clarida also led major improvement efforts on Social Security and Medicare Trustees Reports analyses to better document and explain the extent of shortfalls facing those essential social insurance programs and the need for reform. 

“Mr. Clarida was bold in taking on tough issues not traditionally in the portfolio of Economic Policy.  On the domestic side, he furthered Treasury interests in improving the understanding and ability to forecast Federal receipts.  His comprehensive, global vision helped clarify the interaction of domestic and foreign economic developments. 

He played a vital role in jumpstarting the U.S.--Mexico Partnership for Prosperity, spearheading a plan to create a more efficient housing finance market in Mexico.

“In recognition of his intelligence and wisdom in service to the Treasury Department and the Nation, his steadfast devotion to duty, and his lasting contributions, Richard H. Clarida is awarded the Treasury Medal."