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News Release

C. Fred Bergsten Reappointed to Ex-Im Bank Advisory Committee

December 3, 2012

Contact:    Brian Reil    (202) 454-1334

WASHINGTON—The Peterson Institute for International Economics is pleased to announce that C. Fred Bergsten, director of the Institute, has been appointed to another one-year term on the Advisory Committee of the Export-Import Bank of the United States (Ex-Im Bank). He was initially appointed to serve on the committee in December 2011. The Ex-Im Bank is the official export credit agency of the United States government. Its mission is to assist in financing the export of US goods and services to international markets at no cost to American taxpayers. The Ex-Im Bank approved $35.7 billion in total authorizations in FY 2012, including more than $6.1 billion directly supporting small-business export sales. Its authorizations support an estimated $50 billion in US export sales and approximately 255,000 American jobs.

The Advisory Committee to the Board, established in 1983, has 16 members appointed by the bank's board of directors, who are in turn appointed by the President of the United States. The committee advises the bank on its programs, assesses whether it is meeting its mandate to help exports, and provides comments for inclusion in its reports to the Congress. Its membership is drawn from leaders in government, finance, environment, small business, production, agriculture, labor and services. Other members include Governor Christine Gregoire of the state of Washington, former Administrator of the Environmental Protection Agency Carol Browner and Citigroup Board Chairman Michael O'Neill.

Dr. Bergsten was assistant secretary for international affairs of the US Treasury during 1977–81 and functioned as undersecretary for monetary affairs during 1980–81, representing the United States on the G-5 Deputies and in preparing G-7 summits. During 1969–71, starting at age 27, Dr. Bergsten coordinated US foreign economic policy in the White House as assistant for international economic affairs to Henry Kissinger at the National Security Council. He was chairman of the Eminent Persons Group of the Asia Pacific Economic Cooperation (APEC) forum from 1993 to 1995, authoring its three reports that recommended "free and open trade in the region by 2010 and 2020" as adopted at the APEC summits in 1993 and 1994 and as now approaching realization through negotiation of the Trans Pacific Partnership. He was chairman of the Competitiveness Policy Council created by the Congress from 1991 through 1995.

Dr. Bergsten has been director of the Peterson Institute for International Economics since its creation in 1981. He is also a member of the President's Advisory Committee on Trade Policy, which provides advice to the Administration on trade agreements and trade policy, and he chairs the Private Sector Advisory Group to the United States-India Trade Policy Forum. He is stepping down as director of the Institute at the end of this year but will remain a full-time senior fellow and president emeritus at the Institute, continuing to write and speak widely on international economic issues. Dr. Adam S. Posen will become President of the Institute at that time.

The Peterson Institute for International Economics is the only major research institution in the United States devoted to international economic issues. It has been voted "Top Think Tank in the World," has a staff of about 50, moved into its award-winning building in 2001, averages half a dozen publications per month, and holds at least one conference or policy meeting every week. Dr. Bergsten was the most widely quoted think-tank economist in the world over the eight-year period 1997–2005 (the latest for which data are available).

Dr. Bergsten has authored, coauthored, or edited 41 books on international economic issues, including The Long-Term International Economic Position of the United States (2009); China's Rise: Challenges and Opportunities (2008); and The United States and the World Economy: Foreign Economic Policy for the Next Decade (2005). His latest of 18 articles in Foreign Affairs is "Why the Euro Will Survive" (September–October 2012). Recent op-eds include "5 Myths About the Euro Crisis (Washington Post, September 2012), "Time for a Fightback in the Currency Wars" (Financial Times, September 2012), "An Overlooked Way to Create Jobs" (New York Times, September 2011), "US Trade Policy and the Doha Round: An Alternative View" (VoxEU, May 18, 2001), "Why The World Needs Three Global Currencies" (Financial Times, February 2011), "Obama Has to Tell Beijing Some Hard Truths" (Financial Times, November 2010) and "What Obama Can Offer in India" (Washington Post, October 2010).

Dr. Bergsten has received the Meritorious Honor Award of the Department of State, the Exceptional Service Award of the Treasury Department, and the Legion d'Honneur from the Government of France. He has been named an honorary fellow of the Chinese Academy of Social Sciences. Bergsten received MA, MALD, and PhD degrees and its Distinguished Alumni Leadership Award (2010) from the Fletcher School of Law and Diplomacy and a BA magna cum laude and honorary doctor of humane letters from Central Methodist University.

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About the Peterson Institute

The Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. Support is provided by a wide range of charitable foundations, private corporations and individual donors, and from earnings on the Institute's publications and capital fund.