Chairman D'Amato, committee members, I would like to take this opportunity this morning to speak on behalf of Jeffrey Frankel, President Clinton's nomination to be a Member of the Council of Economic Advisers.
On February 4, of this year, the President submitted Professor Frankel's name to fill the last vacancy on the Council of Economic Advisers. As you all know, this is a very important post and I enthusiastically support Dr. Frankel's nomination.
As a Member of the Council, Dr. Frankel will be intimately involved in supporting the President in analyzing and developing policy on our national economy and its various segments. The responsibilities of the Council of Economic Advisers are numerous; advising the Administration on national and international economic developments; appraising the economic programs and policies of the Federal government; and most importantly, recommending to the President policies for economic growth and stability.
Jeffrey Frankel is exceedingly well qualified for this call to duty and I urge you to confirm his nomination quickly. Dr. Frankel is a proven leader and expert in his field -- both in the academic world and public policy. Born in San Francisco, a hometown we share, Dr. Frankel has lived in California for the majority of his life. He has taught for 18 years as a Professor of Economics at the University of California, Berkeley. Most recently, he was Research Associate of the National Bureau of Economic Research group in Cambridge, Massachusetts, where he directed the program in International Finance and Macroeconomics. He is also Senior Fellow at the Institute for International Economics here in Washington, D.C.
Professor Frankel is a specialist in international economics, finance and macroeconomics. His research activities include very wide and important fields of study. These interests include the globalization of financial markets, the workings of the foreign exchange market, monetary policy in regard to agricultural prices and economic indicators, and regional trading concerns, specifically economic growth issues of Japan, East Asia, and the Pacific Rim.
This expertise on Asia and the Pacific Rim will be an added benefit to the Council and to the President. As you may know, economic interaction with the Pacific Rim is vital to my State of California and to the nation as a whole. Consider these facts: Overall trade with Asia stands at $570 billion. Specifically for California, ten of our 17 top export markets are located in Pacific Rim nations, representing some $50 million in exports. In total, more than 70% of all California trade is with the Pacific Rim. Professor Frankel's insight to this region will be invaluable to the Council of Economic Advisers.
However, it should be noted that Dr. Frankel has served in a broad capacity on many subjects of international economic policy He served at the Council of Economic Advisers from 1983 to 1984, as Senior Staff Economist. In 1988 and 1989, he was a Visiting Professor of Public Policy at Harvard University. He has often been a Visiting Scholar at the International Monetary Fund and the Federal Reserve Board. In addition, he has lend his expertise during appointments at the World Bank and the other world class universities throughout America.
As an author he has written widely on economic topics. Recent publications include The Internationalization of Equity Markets and Financial Markets and Monetary Policy. His focus on international finance can be seen in his 1996 journal papers "Recent Exchange Rate Experience and Proposals for Reform," and "Regional Trading Arrangements: Natural or Super-Natural?" both published in the American Economic Review.
In short Mr. Chairman, Jeffery Frankel is a very strong nominee to serve as a
Member of the Council of Economic Advisers. Professor Frankel has established himself
as a leader in his field and one dedicated to the subject of economics, something I believe
will benefit not only the President but our nation as a whole. I urge the Committee's
support of his nomination to the Council of Economic Advisers.
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