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THE WHITE HOUSE

                     Office of the Press Secretary
                          (New York, New York)
________________________________________________________________________
For Immediate Release                                 September 21, 1999

PRESIDENT CLINTON NAMES GREGORY A. BAER AS ASSISTANT SECRETARY FOR FINANCIAL INSTITUTIONS AT THE DEPARTMENT OF

TREASURY

President Clinton announced today his intention to nominate Gregory A. Baer to be Assistant Secretary for Financial Institutions at the Department of Treasury.

Mr. Gregory Baer, of Alexandria, Virginia, was appointed Deputy Assistant Secretary for Financial Institutions Policy on October 21, 1997. In this position, Mr. Baer assists the Assistant Secretary for Financial Institutions and the Under Secretary for Domestic Finance on a broad range of legislative and policy maters affecting the nation's financial services industry. He supervises the development of policies relating to the legal and regulatory framework for the financial services industry, government sponsored enterprises, consumer financial protection, and the deposit insurance funds. Mr. Baer also participates in interagency efforts to develop policies for electronic money and banking. From 1990 to 1997, Mr. Baer was with the Federal Reserve System in Washington, D.C., rising to the rank of Managing Senior Counsel. He performed special projects for the General Counsel, the Board, and the Federal Open Market Commission, including supervising the 1996 proposals regarding the authority of bank holding companies to engage in underwriting and dealing activities under section 20 of the Glass-Steagall Act. Prior to that, Mr. Baer was an Associate engaged in the litigation practice at the law firm of Williams & Connolly in Washington, D.C.

Mr. Baer graduated cum laude from Harvard Law School in 1987 where he served as Managing Editor of the Harvard Law Review. He graduated with honors from the University of North Carolina at Chapel Hill in 1984 with an A.B. in political science. He is originally from Charlotte, North Carolina.

The Assistant Secretary for Financial Institutions advises the Secretary, the Deputy Secretary on all matters relating to financial institutions. In addition, the Assistant Secretary directs policy on proposed legislation concerning the regulation of private financial intermediaries and government sponsored enterprises.

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