Hearing of the Senate Foreign Relations Committee - Nominations Hearing

Federal News Service

HEADLINE: HEARING OF THE SENATE FOREIGN RELATIONS COMMITTEE

SUBJECT: NOMINATION HEARING

CHAIRED BY: SENATOR RICHARD G. LUGAR (R-IN) WITNESSES: PAUL V. APPLEGARTH TO BE CHIEF EXECUTIVE OFFICER FOR THE MILLENNIUM CHALLENGE CORPORATION

LOCATION: 419 DIRKSEN SENATE OFFICE BUILDING, WASHINGTON, D.C.

BODY:
SEN. RICHARD C. SCHUMER (D-NY): Thank you, Mr. Chairman. Let me first apologize to you and Paul and the committee for being late. We all know the situations where we're scheduled to speak at another place early and the person who gets on before us comes late and goes on and on, and you sit there anxious, so I apologize for being a little late here.

But I want to thank you, Mr. Chairman, and the committee, for giving me the opportunity to speak about my friend Paul Applegarth as the nominee to be CEO of Millennium Challenge. I've had the pleasure of knowing Paul for more than 30 years since we attended Harvard Law School together, and over those 30 years as you know, Mr. Chairman, his career has touched on all corners of the world, he's demonstrated leadership and management from the business world to the third world, from Wall Street to the United Way, and I'm confident he'll serve the country well in this new post.

Paul's long career in international finance began at the World Bank. It has taken him from Lehman Brothers to his most recent position as the managing director of the Emerging Markets Partnership where he focuses on dead investments in developing countries.

And while at EMP he served for two years in Hong Kong, playing an instrumental part in development programs for much of Asia. In addition, he served as chief operating officer of the Emerging Africa Infrastructure Fund and as the principal advisor of the fund which has made an invaluable contribution to the continent and people of Africa.

Mr. Chairman, Paul Applegarth is a highly sought after expert in the field. In the early '90s Lehman Brothers loaned Paul to the United Way of America at a time when the charity was deeply in need of sound financial management, and at the time, the United Way turned over a new leaf, thanks in part to Paul's efforts, even receiving a 1994 award for charity of choice from Financial World magazine.

Paul's commitment to improving the welfare of people throughout the world is rivaled only by his know-how, which is why he makes an excellent choice to lead Millennium Challenge. He has served his country before as a veteran of the Vietnam War, and I know he's going to serve us well in this new post, he's just the right person for this job, and I'm so glad. He is a great one. I am confident he will not just do a good job, but an excellent job as leader of the Millennium Challenge Corporation, and I wholeheartedly support his nomination.

SEN. LUGAR: Well, thank you very much, Senator Schumer, for coming to the committee and for a very personal and warm introduction of our nominee that illuminates, as you say, over 30 years since law school. And your observations as a citizen of New York the contributions to the civil life, in addition to the international finance. We appreciate your coming.

The chair notes likewise Senator Feingold has joined us and his leadership in the African Subcommittee over many years has been very important. I'll just call upon you for a moment, if you have any opening comment that you would like.

SEN. RUSSELL FEINGOLD (D-WI): Mr. Chairman, let me just say how fortunate I am to serve on a committee that you chair. And I want to thank Senator Schumer for coming on behalf of the witness, and congratulate the witness. I will have some questions at the appropriate time.

Thank you, Mr. Chairman.