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 Treasury Secretary Snow Praises Under Secretary Peter Fisher for Leadership and Accomplishments While Serving in Bush Administration Four New Treasury Officials Named Today




Treasury Secretary John W. Snow today praised the leadership and accomplishments of Under Secretary for Domestic Finance Peter R. Fisher during his service to the Bush Administration. Mr. Fisher, who was sworn in August 9, 2001, today submitted his resignation to the President, effective October 10, 2003.

The White House today announced that President Bush intends to nominate Susan C. Schwab as Treasury Deputy Secretary and Kenneth H. M. Leet as Treasury Under Secretary for Domestic Finance.   The Treasury Department also announced the appointments of two Deputy Assistant Secretaries. 

�Peter has shown outstanding leadership within Treasury and the Administration on a wide variety of issues over the past several years,� said Secretary Snow. �His expertise in financial markets has been invaluable as we faced challenges related to the terrorist attacks of Sept. 11 and the management of the nation�s debt during shifting economic times.

�Peter�s efforts to continually improve and streamline federal financial policies and practices has greatly benefited the taxpayer, and his significant contributions to the government are to be commended. His experience and insight will be missed, and I wish him the best in his future endeavors.�

Mr. Fisher�s major accomplishments during his tenure as Under Secretary include his efforts after September 11, 2001 to reopen U.S. financial markets, stabilize the airline industry, enact terrorism risk insurance and to promote the investment and job creation that are the engine of the U.S. economy�s growth.

In addition, Mr. Fisher played a key role in developing Administration policy on deposit insurance reform; disclosures of government-sponsored enterprises; the Fair Credit Reporting Act and the fight against identity theft; and the accuracy and transparency of pension plan funding.

Mr. Fisher also focused on the long-term cost of borrowing that led to improvements in federal debt management -- resulting in the elimination of the 30-year bond, developing the market for Treasury Inflation-Indexed Securities, increasing market transparency, and improving Treasury auction performance.

On July 28th, Charles G. Schott will join the department as Deputy Assistant Secretary for Trade and Investment in the Office of International Affairs, where he will be responsible for policy development and analysis on financial services and investment trade issues.  A former Deputy Assistant Secretary of Commerce for Communications and Information under President Reagan, Mr. Schott was most recently a Managing Director of Paradigm Partners, LLC, New Canaan, CT, where he had been employed since 1997. He previously served as Vice President of Hearst New Media & Technology (1993-97) and as a special consultant for McKinsey & Company, Inc. (1992-93). His government service includes stints at the U.S. Federal Communications Commission (1989-91, 1984-86) and the Department of Commerce�s National Telecommunications & Information Administration (1986-89). He practiced law at Dewey Ballantine (1978-81). Mr. Schott received his undergraduate degree from Stanford University, his law degree from University of Michigan Law School, and an MBA from Stanford University Graduate School of Business.

Also on July 28th, Courtney Clelan will join the Treasury as a Deputy Assistant Secretary of Legislative Affairs, and will be responsible for the department's congressional relations pertaining to banking and finance issues. Ms. Clelan most recently served as the Counsel and Manager of Congressional Affairs for the Consumer Bankers Association, Washington, DC, where she has been employed since May 2001. Previously, she worked as an investment advisor for T. Rowe Price Associates (2000-01), clerked in the law offices of Eugene A. Seidel (1998-00) and clerked in the North Carolina District Attorney's Office (1999). Ms. Clelan received her undergraduate degree from the University of Maryland and her law degree from the University of Baltimore School of Law.


Fisher Resignation Letter

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