FOR IMMEDIATE RELEASE: CONTACT: CHRISTI HARLAN
Friday, April 16, 1999 202-224-0894

NOTE ROOM CHANGE TO 216 HART SENATE BUILDING

Subcommittees Set Hearing on Use of U.S. Dollar as
Official Currency in Emerging-Market Countries

The Subcommittee on Economic Policy and the Subcommittee on International Trade and Finance have scheduled a joint hearing on official dollarization in emerging-market countries. Dollarization occurs when a country eliminates its own currency and adopts the U.S. dollar. Interest in such a plan has been expressed in Mexico and by officials in Argentina and El Salvador.

The hearing will focus on the economic effects of dollarization and whether the U.S. should encourage dollarization.

** Members of the media wishing to attend the hearing should register with their respective Senate gallery and be prepared to show credentials at the hearing. **

WHEN: Thursday, April 22 at 10:00 a.m.

WHAT: Subcommittees on Economic Policy and International Trade and Finance

WHERE: 216 HART SENATE BUILDING

WHO:
The Honorable Alan Greenspan
Chairman of the Board of Governors, Federal Reserve System

The Honorable Lawrence H. Summers
Deputy Secretary, U.S. Treasury Department

Dr. Wayne Angell
Chief Economist, Bear, Stearns & Co. Inc., Washington, D.C.

Dr. Judy Shelton
Professor of International Finance,
DUXX Graduate School of Business Leadership, Monterrey, Mexico
Member of the Board, Empower America, Washington, D.C.

Dr. Guillermo A. Calvo
Distinguished University Professor and Director
Center for International Economics at the University of Maryland, College Park

Catherine Mann
Senior Fellow, Institute for International Economics, Washington, D.C.

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