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Office of the Press Secretary

For Immediate Release May 31, 1995
     President Clinton Names Chairman, 2 Others to Washington D.C.
                   Financial Responsibility Authority

President Clinton today named the chairman and two members of the Washington, D.C. financial responsibility authority, created under legislation that he signed last month to help steer the District back to financial health.

Named to the five-member District of Columbia Financial Responsibility and Management Assistance Authority were its chairman, former Federal Reserve Board member Andrew F. Brimmer; Joyce Ladner, former interim president of Howard University; and Constance B. Newman, undersecretary of the Smithsonian Institution.

By naming three members, the President has activated the authority, which now can begin the work of assisting the District. He plans to name the remaining two board members soon.

"I am delighted to have the opportunity to name a chairman and two members with such outstanding credentials for the hard work at hand," the President said. "We were fortunate to have such a wealth of talented, committed individuals who sought to do this vital job."

Under the District of Columbia Financial Responsibility and Management Assistance Authority Act of 1995, which the President signed April 17, an authority was created to assist the District in eliminating budget deficits, managing programs more efficiently and effectively, borrowing funds, and ensuring the long-term viability of the Nation's capital.

The five members will serve three-year terms without compensation. Along with residing in the District, each member will bring to the authority his or her expertise in business, government, or academia.

The Administration, led by Office of Management and Budget Director Alice M. Rivlin, worked closely and on a bipartisan basis with key members of Congress throughout the process of passing the legislation and naming board members.

"The authority will play an important role in helping to ensure a stable economic future for the District, which is of great interest to me," the President said. "I congratulate these individuals and promise that my Administration will continue to be of service to them, the District government, and its residents."

Today's appointees are: