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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release December 7, 1998

               PRESIDENT CLINTON NAMES TIMOTHY F. GEITHNER 
               AS UNDER SECRETARY FOR INTERNATIONAL AFFAIRS 
                    AT THE DEPARTMENT OF THE TREASURY

The President today announced the recess appointment of Timothy F. Geithner as Under Secretary of the Treasury for International Affairs. Mr. Geithner was nominated on October 8, 1998. The President intends to resubmit his nomination when the 106th Congress convenes.

Mr. Timothy F. Geithner, of Bethesda, Maryland, currently serves at the Treasury as the Assistant Secretary for International Affairs. Prior to that position, he was the Senior Deputy Assistant Secretary for International Affairs and the Deputy Assistant Secretary for International Monetary and Financial Policy. Mr. Geithner has served as a career civil servant at the Treasury Department since 1988. Mr. Geithner has represented the United States in a variety of international fora and negotiations in the past several years. He negotiated the agreement that created the IMF's expanded emergency reserve fund, the New Arrangement to Borrow, and the 1995 U.S. Japan financial services agreement, and he chaired the G-10 working group on electronic money.

Mr. Geithner received a B.A. in Government and Asian Studies from Dartmouth College and a M.A. in International Economics and East Asian Studies from Johns Hopkins University.

The Under Secretary of the Treasury for International Affairs advises and assists the Secretary and the Deputy Secretary on all aspects of international economic policy. Specifically, the office is responsible for developing and executing U.S. policy in the areas of international economic and financial diplomacy; international monetary policy issues, including exchange rate policy; economic policy cooperation among industrial nations (G-7); U.S. participation in the international financial institutions; financial services negotiations and policy issues affecting international financial markets; and international trade and investment policy. The Under Secretary for International Affairs plays a key role in maintaining financial market stability.

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