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Mr. Chairman, Senator Moynihan, Members of the Senate Finance Committee:

I am deeply honored to appear before this committee for the second time in my life as the president's nominee to serve as Assistant Secretary of the Treasury for Tax Policy. I am grateful to President Clinton and Secretary Rubin for this opportunity. Few persons ever are so fortunate as to be nominated for this position - I believe I am the only one to be doubly blessed.

Actually, this is the third time for me to represent the Treasury in close dealings with the Senate Finance Committee. From 1961 through 1964, I headed the Treasury's legal staff under Assistant Secretary Stanley Surrey and had the chance to associate closely with Senators John Williams, Thruston Morton, Harry Byrd, Robert Kerr, Russell Long and many others. In my tenure from 1977 through the beginning of 1981, I enjoyed a close relationship with you, Mr. Chairman, Senator Moynihan, Senator Chafee and Senator Baucus, as well as Senators Long, Dole, Packwood, Danforth and many other of your illustrious predecessors. The collegial atmosphere of this Committee has always provided a unique experience for the Treasury's emissary and one that has always provided an exhilaration that cannot be duplicated.

Regardless of differences of opinion between the administrations I have represented and Members of the Committee, the experience of being part of the best governmental process the world has offered has always been awesome for a small city lawyer from upstate New York.

This is a time when we shall engage in great debate on how we raise the revenue for the conduct of our government. The decisions debated by this committee are momentous ones. We all want to raise that revenue as fairly and simply as possible and to contribute to the efficiency of the world's greatest economy. It is a real privilege to be here before you today and I look forward to answering your questions.

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