FOR IMMEDIATE RELEASE:

CONTACT: Jesse Jacobs - 202-224-4524
Wednesday, April 24, 2002

Craig Davis - 202-224-7391


SARBANES ANNOUNCES HEARING ON
EXCHANGE RATE POLICY

TREASURY SECRETARY O'NEILL TO
PRESENT REPORT TO CONGRESS

Senator Paul S. Sarbanes (D-MD), Chairman of the Banking, Housing, and Urban Affairs Committee, today announced he will convene a hearing to receive the Treasury Department's Report to Congress on International Economic and Exchange Rate Policy. Secretary of the Treasury Paul O'Neill will present the findings in the report to the Committee.

The report, which is mandated by the Omnibus Trade and Competitiveness Act of 1988, is required to contain an assessment of the impact of the exchange rate of the dollar on the ability of the United States to maintain a more sustainable balance of trade; production, employment, and non-inflationary growth in the United States; and the international competitive performance of the United States industries and the external indebtedness of the United States.

In addition to Secretary O'Neill, representatives of U.S. workers, manufacturers, and farmers will present their views on the impact of the dollar on U.S. trade and employment.

The hearing will be held:

WEDNESDAY, MAY 1, 2002
9:30 A.M.
538 DIRKSEN SENATE OFFICE BUILDING

Scheduled to testify are:

  • The Honorable Paul O'Neill, Secretary, Department of the Treasury;
  • Mr. Richard Trumka, Secretary-Treasurer, AFL-CIO;
  • Mr. Jerry Jasinowski, President, National Association of Manufacturers;
  • Mr. Robert Stalling, President, American Farm Bureau Federation;
  • Mr. C. Fred Bergsten, Director, Institute of International Economics;
  • Mr. Ernest Preeg, Senior Fellow, Manufacturers Alliance/NAMI; and
  • Mr. Steven Hanke, Professor, Johns Hopkins University.
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