was experiencing tremendous loss, the biggest financial burden to the economy since its establishment in 1997. Golomt Bank was the only one that offered to buy Reconstruction Bank. In response to this and the change of EMC's chairman, the minority group at the Parliament MPRP demanded Elbegdorj to resign and thus resulted Elbegdorj to lose confidence vote at the Parliament. The Parliament had prevented Elbegdorj's government from selling the bank. Elbegdorj's decision to sell the Reconstruction Bank was proven to be correct. The bank bankrupted soon after Elbegdorj's first term as prime minister was over and the bankruptcy led the government to suffer gigantic amount of financial loss. Moreover, Elbegdorj made a decision to financially assist from tight budget to complete the construction of Mongolia's first Wrestling Palace which was half built for a long time. He stayed in office until Janlavyn Narantsatsralt replaced him on 9 December 1998. 1998–2004 Elbegdorj served as the chairman of the Majority Group of the Parliament and the leader of the Democratic Union Coalition and a Member of Parliament respectively in 1996–2000. In 2000–2001, he studied at the University of Colorado Boulder's Economic Institute, and earned a diploma. Then he studied with a full scholarship of Harvard University at Harvard's John F. Kennedy School of Government and graduated with a Master of Public Administration (M.P.A.) in 2002. Then he worked as a consultant at the Millennium Development Goal Project, United Nations Headquarters in New York City and as a consultant at Radio Free Asia in Washington, D.C. in 2002–2003. Afterwards, he returned to Mongolia and made series of public speeches touring in Mongolian provinces inspiring the people and the youth sharing his new ideas and perspectives based on his knowledge from Harvard University and the United States in combination with Mongolian way of life in 2003–2004. His lectures played a significant role to make Democratic Party get majority seats in 2004 Mongolian Parliamentary elections. Second term as Prime Minister On 20 August 2004, Elbegdorj became the Prime Minister of Mongolia for the second time. This time, he headed a grand coalition government after the vote in the parliamentary elections had been evenly split between the two major political forces – Democratic Coalition and the Mongolian People's Revolutionary Party. U.S. President George W. Bush highlighted about Elbegdorj as one of the country's democracy leaders to have been serving as the Prime Minister in his speech