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Hearing of the International Trade and Finance Subcommittee of the Senate Banking, Housing, and Urban Affairs Committee

By:
Date:
Location: Washington, DC

Federal News Service

HEADLINE: HEARING OF THE INTERNATIONAL TRADE AND FINANCE SUBCOMMITTEE OF THE SENATE BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE

SUBJECT: FINANCIAL RECONSTRUCTION IN IRAQ

CHAIRED BY: SENATOR CHUCK HAGEL (R-NE)

WITNESSES:

M. PETER MCPHERSON, FORMER DIRECTOR OF ECONOMIC DEVELOPMENT, COALITION PROVISIONAL AUTHORITY IN Iraq;

MARK MALLOCH BROWN, ADMINISTRATOR, UNITED NATIONS DEVELOPMENT PROGRAM

BODY:
SEN. CHUCK HAGEL (R-NE): Good afternoon. I think the order of business is for Senator Stabenow to introduce Mr. McPherson. But in her absence I have conferred with the vice chairman of the subcommittee, Senator Bayh, and we have concluded in the interests of time-she's here.

We just about threw you overboard here, Senator Stabenow. But allowing you an opportunity to make the presentation, if you'd like to sit there or down front, either way you want to do it.

SEN. DEBBIE STABENOW (D-MI): Well, I would be happy to sit down front.

SEN. HAGEL: Keep all these Michiganders --

SEN. STABENOW: Thank you, Mr. Chairman. I appreciate --

SEN. HAGEL: -- there together.

SEN. STABENOW: I appreciate very much your giving me an opportunity to introduce a distinguished constituent of mine.

Peter, welcome. Good to see you. Good to see you.

I'm not a member of the subcommittee, but of course, Mr. Chairman, as a member of the Banking Committee and most importantly as a Michiganian, I wanted to be here today to introduce Peter McPherson. As you know, he's the president of Michigan State University, which is my alma mater, which is one of the many reasons that I'm pleased that he's here today.

But he has a long history of leadership in financial services industry as well as in public service and in education. Over his impressive career he's served as deputy secretary in the Treasury Department, administrator of the U.S. Agency for International Development, a leader at the Overseas Private Investment Corporation and as a special assistant to President Gerald Ford. Mr. McPherson has been president of Michigan State University since 1993. As head of MSU he oversees an institution of nearly 4,500 faculty and approximately 45,000 students. Under his leadership, the Spartans have continued their impressive track record as a wonderful institution, well respected for both innovative teaching and impressive research.

You know, when I heard that Peter had been called upon back in April to serve as the financial coordinator for the Iraq construction, I knew that we were in good hands. I knew the administration had picked an excellent person for that position. During his time in Iraq he has worked closely with Iraqis, rebuilding their Finance Ministry, their Central Bank, their entire financial services system and I know that we're anxious to hear from him today about his perspective.

And I know that-he came back to Michigan State, which we are glad to have him back, but I know he could have spent many, many more months there doing the kinds of things that need to be done to rebuild Iraq. But we're just pleased that he was willing to step away from his duties to go to Iraq and that he's here to share his experiences with us today. So thank you.

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