U.S. Treasury honors McPherson with Distinguished Service Award
U.S. Treasury honors McPherson with Distinguished Service Award
Contact: Darrell S. Pressley, University Relations, (517) 355-2281, pressley@msu.edu
08/06/04
EAST LANSING, Mich. – Michigan State University President Peter McPherson was honored by the U.S. Department of Treasury with the Distinguished Service Award. U.S. Treasury Secretary John Snow presented the award to McPherson and five other recipients at a ceremony on Wednesday in Washington, D.C.
McPherson, who took a 130-day leave of absence in May 2003 as president of MSU to serve as financial coordinator in Iraq for the Office of Reconstruction and Humanitarian Assistance, was honored for the essential role he played in shaping the critical elements of Iraq’s developing financial policies.
“I was honored to serve and I am honored to receive this award,” said McPherson. “MSU faculty, students and staff have always responded when called to learn and serve abroad.”
The award cites McPherson’s extensive government experience and years of work in U.S. banking as key to leading the initiative to build an independent Central Bank in Iraq, a stable national currency, and sound bank regulation and supervision.
CITATION
DISTINGUISHED SERVICE AWARD
Washington, D.C.
August 2004
Peter McPherson
In early 2003, Peter McPherson, a former Deputy Secretary of the Treasury, took a leave of absence as President of Michigan State University to play an essential role in helping a newly-liberated Iraq shape critical elements of the country’s developing financial policies.
Mr. McPherson coordinated the effort to re-open key financial institutions needed to re-start Iraq’s economy, including the Finance Ministry and the commercial banks. He did so as the first Director of Economic Development within the newly-formed Coalition Provisional Authority in Baghdad and as overall head of the Treasury Department financial advisory team just beginning work in Iraq.
Drawing on his extensive government experience and years of work in U.S. banking, Mr. McPherson led the initiative to build an independent Central Bank in Iraq, an institution fundamental to establishing non-inflationary monetary policy, a stable national currency, and sound bank regulation and supervision.
Mr. McPherson’s work has resulted in Iraq having the most liberalized access to foreign banking of any country in the Middle East. He shepherded the approval by the Iraq Governing Council of a maximum personal income tax rate of 15 percent and a flat tariff of 5 percent, thus setting the stage for economic growth, employment opportunities, and private investment.
In recognition of his leadership and his commitment to the Department of the Treasury and helping Iraq build a strong financial structure and stable democracy, Peter McPherson is presented the Distinguished Service Award.
John W. Snow
Secretary of the Treasury
