My name is Peter Morici. I am an economist and Professor of Business at the University of Maryland. Thank you for this opportunity to participate in these hearings. I will devote my remarks to the issues raised by the recent surge in investments by sovereign wealth funds in the United States. What Is a Sovereign Wealth Fund?

Smith School undergraduate and MBA students recently joined Treasury Secretary John Snow and Commerce Secretary Don Evans for a nationally-televised town hall meeting on the White House economic stimulus plan. The students, along with Smith School Professor of International Business Peter Morici and students from two other universities, participated in the economic discussion on CNBCs Capital Report program, which aired Tuesday, February 25, 2003.