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Thank you, Mr. Chairman and members of the Committee, for the opportunity to appear before you today. I am honored that President Bush has nominated me to serve as the U.S. Executive Director of the International Monetary Fund, and I am grateful to have the privilege of your consideration. With the Committee's indulgence, I would like to introduce the members of my family that are here.
The International Monetary Fund exists to promote international macroeconomic stability, to foster economic growth, to detect critical problems in the international financial system, and, in appropriate cases, to help deal with those problems as soon as they are detected. The role of the U.S. Executive Director is to use the voice and vote of the United States on the Fund's executive board to help shape the Fund's pursuit of those objectives in a manner consistent with U.S. interests.
If confirmed, I would bring to this role a variety of experiences in both government and the private sector. Though raised in Utah, and a passionate westerner, I have for nearly seventeen years been a practicing Wall Street lawyer, focusing on international banking and financial matters. I have been privileged, particularly during the last decade, to help some of the world's premier financial institutions think through their approach to an increasingly integrated financial system and to take practical steps to prepare for that integration. I was also privileged to serve in the Treasury Department from 1991 to 1993, working with the team that helped propose a modern statutory framework for this ongoing financial integration - - work that we like to think contributed to the financial modernization legislation enacted into law a little over a year ago.
If confirmed, I would hope to approach my role with the benefit of all these experiences: the practical wisdom of a good counselor, the policy experience of an enthusiastic public servant and, not least, the common sense I have always found native in those born west of the 100 th meridian and raised in the shadow of the Wasatch Mountains.
Thank you again Mr. Chairman for the privilege of appearing before this Committee. I would be pleased to answer any questions you and the other members of the Committee may have.