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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release November 7, 1997

                 PRESIDENT CLINTON NAMES ALAN GREENSPAN 
                   AS U.S. ALTERNATE GOVERNOR OF THE 
                      INTERNATIONAL MONETARY FUND

The President today announced his intent to nominate Federal Reserve Chairman Alan Greenspan as the U.S. Alternate Governor of the International Monetary Fund (IMF).

Chairman Greenspan, of New York, New York, was appointed as the U.S. Alternate Governor of the IMF by President Reagan on September 28, 1987, and he was reappointed by President Bush in 1992, following Senate confirmation. He currently serves as Chairman of the Board of Governors of the Federal Reserve System. Chairman Greenspan also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policy making body. He received a B.S., an M.S., and a Ph.D. in economics, all from New York University. He has also performed advanced graduate study at Columbia University.

Section 3 (b) of the Bretton Woods Agreements Act provides that the President shall nominate for five-year terms, subject to Senate confirmation, an Alternate U.S. Governor of the IMF, and an Alternate U.S. Governor of the World Bank. Customarily, these appointments are filled by the Chairman of the Board of the Federal Reserve System and the Under Secretary of State for Economic, Business and Agricultural Affairs, respectively. The Senate Foreign Relations Committee has responsibility for action on these nominations.

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