[Congressional Record Volume 140, Number 105 (Wednesday, August 3, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: August 3, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                 PRESIDENT CLINTON'S ROMANIA INITIATIVE

                                 ______


                          HON. BILL RICHARDSON

                             of new mexico

                    in the house of representatives

                        Tuesday, August 2, 1994

  Mr. RICHARDSON. Mr. Speaker, I would like to direct my colleagues 
attention to a new U.S. foreign policy initiative undertaken by 
President Clinton. The Romanian-American Enterprise Fund is a bold plan 
to further democratic progress in that country. This fund will supply 
loans, investments, and technical assistance to the Romanian people as 
they rebuild their nation. I urge my colleagues to take note of this 
fund and I applaud President Clinton for this important foreign policy 
initiative.
  Mr. Speaker, I was pleased to learn that on July 6 President Clinton 
appointed the eight directors for the new Romanian-American Enterprise 
Fund. This board of distinguished Americans will be ably chaired by 
Robert L. Wald, one of the most respected members of Washington's legal 
community.
  The aid fund will have $50 million with which to make investments and 
loans in addition to providing technical assistance to nurture private 
companies and entrepreneurs in Romania.
  When the fund is fully operating later this year, it will provide 
significant additional momentum for Romania's already impressive 
progress in building a free market economy form scratch.
  Since the December 1989 revolution that set the nation on a 
democratic course, Romanians have struggled to establish a stable 
economy that would allow a free market to flourish. Inflation has been 
tamed, a convertible currency has been established, reforms and laws to 
spur further privatization are in place and planning for a stock market 
is underway. In recognition of Romania's success, major international 
financial institutions are supplying critical support.
  During the last several months, the International Monetary Fund, 
World Bank, and G-24 nations have pledged a total of more than $1 
billion in loans and guarantees to Romania, and more is being 
considered.
  The establishment of the Romanian-American Enterprise Fund is another 
welcome sign to the Romanian people that they have chosen the right 
path and that the United States supports their efforts.
  I invite my colleagues to join me in congratulating President 
Clinton, the newly appointed directors of the Romanian-American 
Enterprise Fund and the courageous people of Romania.

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