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Mr. Chairman and Members of the Committee, I am grateful for this opportunity to appear before you today.
I would like to first thank President Bush for the honor of my nomination as U.S. Executive Director to the International Bank for Reconstruction and Development. In his speech at the World Bank on July 17, President Bush said our...goal must be to work in true partnership with developing countries to remove the huge obstacles to development. I share the President's commitment and understand the important role of the World Bank in supporting this goal of raising living standards for nations and individuals.
If confirmed, it will be a great privilege to represent the United States on the World Bank's Board. I especially welcome the opportunity to work with Secretary O'Neill and the Treasury Department to improve the World Bank's effectiveness and impact. America's prosperity is tied to the growth and prosperity of the developing world.
My professional life has focused directly and indirectly on the factors affecting the performance of developing countries. My career began as a municipal bond underwriter, financing critical infrastructure that supports our national economy at the local and state levels. I moved to the commodity field in 1972, and have analyzed commodity policies, markets and trade since that time, particularly the area of agriculture. As you well know, agricultural productivity is a foundation of economic development. Today, nearly 75% of the poorest families in developing countries live in rural areas; the income gap between urban and rural people is widening, not shrinking.
Since starting my own business in 1980, I have learned many lessons about what it takes for an individual in the private sector to produce income and keep a business running. I have had enormously meaningful travel to every continent, to experience the way different cultures and economies function and trade, and to interact frequently with both private and public sector officials on issues that affect growth.
The United States holds a unique place of leadership in The World Bank, as its largest shareholder. If confirmed, I will look forward to building a strong working relationship with this Committee and the leadership you bring in support of the Bank's mission. I sincerely hope to commit my fullest energy and experience toward our shared objective of reducing poverty and improving living standards in the developing world.
Thank you, Mr. Chairman. I'd be happy to answer any questions.