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Office of the Press Secretary

For Immediate Release May 16, 1997

     The President today announced his intent to nominate George Munoz

to serve as President of the Overseas Private Investment Corporation.

Mr. Munoz, of Chicago, Illinois, currently serves as the Chief Financial Officer and Assistant Secretary for Management at the U.S. Treasury Department. His international business experience, prior to joining the Treasury Department, includes managing GM&A International Attorneys & Business Counselors of Chicago, a corporate law firm which he established in 1989. Before that, he was involved in international tax and business transactions as a partner in the law firm of Mayer, Brown & Platt. Throughout his time in Chicago and Washington, Mr. Munoz has been active in numerous civic and corporate boards, including: the Chicago Board of Education (President 1984-1986); the Chicago Economic Commission (Commissioner 1987-1992); and the Illinois International Port Authority (Board member 1987-1992). Mr. Munoz currently serves as a member of the President's National Partnership Council. Mr. Munoz received a B.B.A., in accounting, from the University of Texas at Austin, a J.D. from Harvard Law School and an M.A. in Public Policy from Harvard's Kennedy School of Government. Also a Certified Public Accountant, Mr. Munoz received a Master's in Law and Taxation from DePaul University of Chicago.

OPIC was established in 1969 and began operations in 1971. A federal agency, it is modeled as a private sector corporation. The President of OPIC, as Chief Executive Officer, directs all activities of the Corporation and is responsible for its operations and management. OPIC's purpose is to mobilize and facilitate the participation of U.S. private capital and skills in the economic and social development of less developed countries and those countries in transition from non-market to market economies.