For Immediate Release
Office of the Press Secretary
June 21, 2005
President Congratulates CEA Chairman Ben Bernanke
Room 450
Dwight D. Eisenhower Executive Office Building
10:26 A.M. EDT
THE PRESIDENT: Good morning. Thank you all for coming. I'm
pleased to congratulate a distinguished economist and public servant,
Ben Bernanke, on becoming the new Chairman of the Council of Economic
Advisers. Congratulations. I'm also honored to have Ben's wife, Anna,
and his two children, Alyssa and Joel, with us; thank you all for
coming. Ben has taught advanced economics at some of our nation's top
universities for over two decades. And for nearly three years, he has
done an outstanding work as a member of the Federal Reserve Board of
Governors. He's a talented and visionary thinker -- I'll look forward
to his advice, I'll look forward to his counsel, and there's no doubt
in my mind he will be an outstanding chairman of the CEA.
Ben follows three others who have done a superb job as chairmen of
my Council of Economic Advisers: Harvey Rosen -- there he is --
(laughter), Greg Mankiw, and Glenn Hubbard. I'm grateful to have had
such able and dedicated counselors. I thank them for their service.
I appreciate the Director of the OMB and member of my Cabinet has
joined us today, Josh Bolten. I want to thank my friend, Al Hubbard,
the Director of the National Economic Council, with whom Ben will be
working closely. I'm most grateful, and I know Ben is, as well, is
that the Chairman of the Federal Reserve, Mr. Alan Greenspan has joined
us today. Welcome. As well as Roger Ferguson, the Vice Chairman of
the Fed. I appreciate you all coming.
I want to thank Ned Gramlich, a governor of the Federal Reserve;
Susan Bies, a governor of the Federal Reserve. I want to thank the
staff of the Council of Economic Advisers who have joined us today.
You're fixing to work for a good man.
Ben will lead the CEA at an important time for our economy. Today,
Americans have many reasons to be optimistic about our economic
future. After all, our economy is growing faster than that of any
other major industrialized nation. Over the last two years, we've
added more than 3.5 million new jobs. The unemployment rate is down to
5.1 percent -- that is lower than the average rate of the 1970s, the
1980s, and the 1990s. More Americans are working today than ever
before; small businesses are flourishing; families are taking home more
of what they earn; and more people own their homes than ever before.
We've got to build on those achievements to make sure we have
lasting prosperity in America. I look forward to Ben's advice as we
continue to advance a pro-growth, pro-jobs agenda. By making our
economy more flexible, more innovative, and more competitive, we'll
keep America the economic leader of the world.
Our agenda for a stronger economy begins with allowing families to
keep more of the money they earn. To get the economy growing again
after the September the 11th attacks we enacted the largest tax relief
in a generation. In order to make sure that that tax relief continues
to work on behalf of entrepreneurs and small businesses and families,
Congress needs to make that tax relief permanent. We also need a
reform tax code that is simple and fair and easy to understand. I'm
looking forward to Ben's advice on the definition of a good, reformed
tax code.
To keep America the economic leader of the world we must recognize
that the money we spend belongs to the taxpayers, not to the
government. We'll insist on a budget that tames the spending appetite
of the federal government and stays on track to cut the deficit in half
by 2009.
To keep America the economic leader of the world, we must free our
small businesses from needless regulations and protect honest job
creators from junk lawsuits. Congress needs to pass the asbestos
liability bill now. And this year we also need to pass medical
liability. To keep health care more affordable and accessible we've
got to work to pass association health plans and continue to expand
health savings accounts. To ensure America's future prosperity, we'll
continue to insist upon high results and measuring achievements so that
every child can learn to read and write and add and subtract.
To keep America the economic leader of the world, we will
strengthen the institutions that underpin our society. Americans need
to know that if they work hard their whole lives, they'll be able to
retire with confidence and peace of mind -- so we're working to save
Social Security for a younger generation of workers. We want to make
sure the next generation of retirees will be as secure in their
retirement as today's retirees.
Americans will require a reliable and affordable energy supply if
we want to be the leader of the world, and so that's why I proposed a
comprehensive energy policy four years ago to reduce our dependence
upon foreign oil. Now is the time for the United States Congress to
get an energy bill on my desk that will allow us to diversify away from
the hydrocarbon society in which we live.
In this new century, American prosperity will increasingly depend
on our ability to sell our goods and services overseas. We need to
pass CAFTA, the Central American-Dominican Republic Free Trade
Agreement to show the world our commitment to free and fair trade, and
to stand squarely with those young democracies in our own hemisphere.
A vibrant economy requires a strong and confident economic
leadership, and I am happy to have Ben's experience. I want to thank
Ben for agreeing to serve at an important time for our economy, and I
look forward to his wise counsel. Congratulations. (Applause.)
CHAIRMAN BERNANKE: Thank you. I'd like to thank the President for
the confidence he's shown in me in allowing me to lead his Council of
Economic Advisers. America faces a host of economic challenges, some
of which the President has just outlined. This administration is
addressing those challenges with vision and courage.
As Chairman of the Council, I'll do everything I can to help
develop policies that will strengthen the American economy. Several of
my Federal Reserve colleagues are in attendance, including Chairman
Greenspan. I'd like to thank them for nearly three years of
collegiality and friendship. My time at the Fed was a wonderful
experience that I'll never forget. Many staff members of the Council
of Economic Advisers are also here. I'd like to thank you all for the
service you've already provided your country. And I look forward to
working with each one of you.
And, finally, I would like to thank my family in attendance,
especially my wife, Anna; my son, Joel; and my daughter, Alyssa, whose
birthday is today, 19. (Laughter.)
THE PRESIDENT: Hold off on a happy birthday for a minute.
(Laughter.)
CHAIRMAN BERNANKE: They've supported me through the ups and downs
of public service, and I'm very grateful for that support. And I hope
they'll bear with me for just a few more years.
Thank you all very, very much for coming. Thank you.
THE PRESIDENT: Good job, Ben. (Applause.) Thanks for coming.
(Applause.)
END 10:33 A.M. EDT
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