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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release October 8, 1998

                 PRESIDENT CLINTON NAMES GARY GENSLER 
                AS UNDER SECRETARY FOR DOMESTIC FINANCE 
                   AT THE DEPARTMENT OF THE TREASURY

The President today announced his intent to nominate Gary Gensler to be Under Secretary of the Treasury for Domestic Finance.

Mr. Gary Gensler, of Baltimore, Maryland, currently serves at the Treasury Department as Assistant Secretary for Financial Markets. In that role, he is a senior advisor to the Secretary of the Treasury in developing and implementing the federal government's policies for debt management and the sale of U.S. government securities. Prior to joining the Treasury Department, Mr. Gensler was a partner of The Goldman Sachs Group, L.P. Mr. Gensler joined Goldman Sachs in 1979, in the Mergers & Acquisitions Department. In 1984, he assumed responsibility for the firm's efforts in advising media companies, and was elected a partner in 1988. Mr. Gensler subsequently joined the firm's Fixed Income Division and directed their Fixed Income and Currency trading efforts in Tokyo. From 1995 to 1997, Mr. Gensler was Co-head of Finance for Goldman Sachs worldwide.

Mr. Gensler graduated summa cum laude from the University of Pennsylvania's Wharton School in 1978, with a Bachelor of Science in Economics. He received a Master of Business Administration from the Wharton School's graduate division in 1979.

The Under Secretary of the Treasury for Domestic Finance advises and assists the Secretary of the Treasury and the Deputy Secretary on all aspects of domestic finance. Specifically, the office is responsible for formulating policy and legislation in the areas of financial institutions, public debt management, capital markets, government financial management services, federal lending, fiscal affairs, government sponsored enterprises, and community development. As Under Secretary, Gensler will serve on the board of the Securities Investor Protection Corporation, and will chair the Advanced Counterfeit Deterrence Steering Committee.

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