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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release October 6, 1993

PRESIDENT NOMINATES STERN TO PROSECUTE BANK FRAUD

President Clinton announced today that he has nominated Gerald Stern, an experienced corporate attorney and former Justice Department civil rights attorney, to be the Special Counsel for Financial Institutions Fraud at the Department of Justice.

In that position, Stern will supervise and coordinate investigations and prosecutions of fraud in and against the financial services industry, including savings and loans companies, banks, and credit unions. He will also ensure that federal laws relating to civil enforcement, asset seizure and forfeiture, money laundering, and racketeering are used to recover the proceeds of those who have committed crimes against financial institutions.

"To preserve our people's trust in their financial institutions, it is imperative that we aggressively enforce the laws governing them," said the President. "Gerald Stern has the business experience and prosecutorial skill to make sure that we do just that."

The position, which requires Senate confirmation, was established under the Crime Control Act of 1990. Stern will report directly to Deputy Attorney General Philip B. Heyman. Stern worked for the Occidental Petroleum Corporation in Los Angeles from 1981 until 1992, when he retired as Executive Vice President, Senior General Counsel, Secretary and a member of its Board of Directors. He previously practiced law in Washington, DC as an associate and partner with the firm of Arnold & Porter.

From 1961-64, Stern was a trial attorney in the Justice Department's Civil Rights Division, trying voting discrimination cases in Mississippi, Alabama and Louisiana. During that time he played a key role in the Justice Department's efforts to protect James Meredith, the first African-American student to attend the University of Mississippi.

Stern holds a B.S. degree in economics from the Wharton School of Finance and Commerce at the University of Pennsylvania, and an LL.B. from Harvard Law School.

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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release October 6, 1993

PRESIDENT NAMES HOLUM TO HEAD ACDA

President Clinton announced today that he intends to nominate John D. Holum to be the Director of the Arms Control and Disarmament Agency.

"My Administration has placed the highest importance on arms control and combatting the proliferation of weapons of mass destruction," said the President. "A revitalized Arms Control and Disarmament Agency will play an important role in achieving new arms control agreements and fighting weapons proliferation. I can think of no finer and more dedicated person to lead ACDA than John Holum, whom I have known for twenty years and who has close working relationships with many senior officials at the State and Defense Departments, the NSC and throughout my Administration. John will be a strong voice for arms control and non-proliferation policies within the councils of government."

John D. Holum is a partner in the law firm of O'Melveny and Myers, where he worked extensively with Secretary of State Christopher on both legal and foreign policy matters. He also served as a defense and foreign policy advisor to President Clinton during his campaign and transition. From 1979-81, he worked under Anthony Lake on the State Department Policy Planning Staff.

Holum received his undergraduate education at Northern State Teachers College in Aberdeen, South Dakota, and attended George Washington University Law School at night while working as a Senate staffer. In 1976, he was a fellow at the John F. Kennedy School of Government's Institute of Politics. He is married to Barbara Pedersen McKenzie.

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