THE WHITE HOUSE

                     Office of the Press Secretary
                         (Aboard Air Force One)
________________________________________________________________________
For Immediate Release                                       May 20, 1999

        PRESIDENT CLINTON NAMES LEE SACHS AS ASSISTANT SECRETARY
                 OF THE TREASURY FOR FINANCIAL MARKETS

     President Clinton announced today his intention to nominate Lee

Sachs to be Assistant Secretary of the Treasury for Financial Markets.

Mr. Lee Sachs, of New Canaan, Connecticut, was appointed Treasury Deputy Assistant Secretary for Government Financial Policy in August 1998. In this role, he advises the Secretary and Deputy Secretary on Federal credit policies, lending and privatization activities. Prior to joining the Treasury Department, Mr. Sachs was a Senior Managing Director of the investment banking firm, Bear, Stearns & Co. in 1985 and, in 1991, became the youngest Senior Managing Director in the Firm's history. In 1993, Mr. Sachs was chosen to head the Firm's Global Capital Markets Department and was named to the Firm's Board of Directors in 1994.

Mr. Sachs graduated from Denison University in 1985 where he currently serves as a Member of the Board of Trustees and as Vice-Chairman of the Investment Committee.

As Assistant Secretary for Financial Markets, Mr. Sachs will be a senior advisor to the Secretary of the Treasury in the formulation and execution of the Federal government's policies for debt management and the sale of U.S. government securities. He will serve as one of the Secretary's primary advisors on financial markets and broad matters of Federal, State and Local finance. Mr. Sachs will also serve as a senior member of the President's Working Group on Financial Markets.

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