President George W. Bush participates in the swearing-in ceremony Monday, Feb. 6, 2006, for Ben Bernanke as Chairman of the Federal Reserve. Vice Chairman Roger W. Ferguson, Jr., administers the oath of office to Chairman as Mrs. Anna Bernanke, the Chairman's wife, holds the Bible. | |
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Washington –
Ben Bernanke was sworn in as 14th chairman of the Federal
Reserve February 6 at a ceremony attended by President Bush.
In remarks to the assembly at the Federal
Reserve, Bush congratulated the new chairman and lauded
his credentials. He said that economists and leaders across
the political spectrum “praised [Bernanke] for his
unsurpassed academic credentials, broad policy experience
and a reputation for consensus-building.”
Bernanke has degrees from Harvard and the
Massachusetts Institute of Technology and has served as
chairman of the economics department at Princeton University.
But Bush praised the new chairman’s pragmatism as
much as his academic background. “He understands that
economics is more than just crunching numbers,” Bush
said.
Many U.S. economists and financial leaders
believe that Bernanke will fulfill his job in a manner similar
to that of his predecessor as chairman, Alan Greenspan,
who headed the U.S. central bank for more than 18 years
and who was not a slave to formulas, but believed in broadly
evaluating economic conditions before making decisions.
Bernanke said at his confirmation hearings,
held in November 2005, that he would remain independent
of political influences and continue the policies of Greenspan.
At the swearing in, Bernanke said he was
honored that former chairmen Paul Volcker and Alan Greenspan
were in attendance. But he said the institution “is
far more than any single individual.”
A biography
of Bernanke is available on the Federal Reserve Board Web
site.
(begin transcript)
THE WHITE HOUSE
Office of the Press Secretary
February 6, 2006
REMARKS BY THE PRESIDENT
AT SWEARING-IN CEREMONY FOR
THE CHAIRMAN OF THE FEDERAL RESERVE, DR. BEN BERNANKE
The Federal Reserve
Washington, D.C.
10:04 A.M. EST
THE PRESIDENT: Thank you for the warm welcome
here at the Federal Reserve. It is one of our government's
most vital institutions. And today I congratulate a fine
man and a distinguished public servant, Dr. Ben Bernanke,
on becoming the 14th Chairman of the Federal Reserve. (Applause.)
It's good to be with Anna, Ben's wife, Alyssa
and Joel, his sister Sharon, and the other members of the
Bernanke family. Welcome. Thanks for being here. You probably
didn't think your brother was going to amount to much. (Laughter.)
To members of my Cabinet who are here --
Secretary Carlos Gutierrez, Deputy Secretary Bob Kimmett,
members of Congress -- Congressman Oxley, Congressman Frank
-- thank you all for coming. It's awfully generous of you
both to be here. I appreciate Roger Ferguson, the Vice Chairman;
other members of the Board of Governors, thank you for being
here, as well. Former Chairman Paul Volcker, thanks for
coming today, sir. I've got something to say about the other
former Chairman who is here in a minute. (Laughter.)
Since its creation in 1913, the Federal
Reserve has helped bring stability and growth to our nation's
economy. Around the world the Fed is a symbol of integrity
and reliability. Its decisions set our nation's monetary
policy, ensure a sound banking system, and help contain
the risks that can arrive in our financial markets. The
Fed's actions touch the lives of all Americans, and the
Chairman of the Federal Reserve must be a leader of unquestionable
credentials, sound judgment and impeccable character. Ben
Bernanke meets those high standards and he will be an outstanding
Chairman of the Federal Reserve.
As Chairman, Ben follows in the footsteps
of one of America's most respected public servants. Alan
Greenspan is perhaps the only central banker ever to achieve
what one publication called, "rock star status."
(Laughter and applause.) For almost two decades, Chairman
Greenspan's prudence and wise policies have guided this
nation through major economic challenges, have kept inflation
in check, and contributed to phenomenal economic growth
and a better life for all our citizens.
Recently he said, "I have only just
realized that I have been on 24-hour call for 18 years."
Mr. Chairman, you can rest a little easier and know that
a grateful nation thanks you for your extraordinary service.
(Applause.)
Ben Bernanke now takes up Alan Greenspan's
mantle. When I announced Ben's nomination last October economists
and leaders across the political spectrum responded positively.
They praised him for his unsurpassed academic credentials,
broad policy experience and a reputation for consensus-building.
The son of a pharmacist and a school teacher, Ben graduated
from Harvard with top honors and earned a doctorate in economics
from Massachusetts Institute of Technology. He rose through
the academic ranks to become the chairman of the economics
department at Princeton.
Ben is one of the most cited economists
in the world, and is recognized for his path-breaking work
in the field of monetary policy. Ben Bernanke also knows
the Federal Reserve System. From 2002 to 2005, he served
with distinction on the Fed's Board of Governors. Since
last year he has served as the Chairman of the Council of
Economic Advisers at the White House. I came to trust his
judgment, his calm demeanor, and his sly sense of humor.
(Laughter.)
Throughout his distinguished career, Ben
has earned a reputation for intellectual rigor, integrity
and personal decency. He's earned the respect of the global
financial community. Ben is an economist's economist, one
of the most esteemed leaders in the field. He understands
that economics is more than just crunching numbers. Good
economics embraces policies that unleash hope and hard work
and the power of free people to be able to fashion and improve
their lives. Ben Bernanke will work every day to keep America's
economic prospects strong and prosperous. He'll be a superb
chairman.
Mr. Chairman, thank you for agreeing to
serve. Congratulations. (Applause.)
CHAIRMAN BERNANKE: Good morning. I'd like
to begin by thanking President Bush for the confidence he's
placed in me, and for his attending the ceremony. This is
only the third visit of a President to this building. Franklin
Roosevelt dedicated this building in 1937, and President
Ford was here in 1975. Mr. President, you do us a great
honor. Thank you.
Members of the President's economic team,
and the heads of the federal financial regulatory agencies
have also joined us this morning. I've greatly enjoyed collaborating
with many of you in my time in Washington, and I look forward
to working with you in the future. Thank you very much for
coming. (Applause.)
I'd like to extend a special welcome to
the members of Congress who are here today: Representative
Oxley, Representative Frank.
The Federal Reserve was created by Congress
in 1913, and it was entrusted with the power granted originally
to the Congress by the U.S. Constitution to coin money and
regulate the value thereof. Accordingly, it is incumbent
on the Federal Reserve to report regularly to, and work
closely with, the Congress. I look forward to a strong and
constructive relationship with members of both the House
and the Senate.
Former Chairmen Paul Volcker and Alan Greenspan
also honor us with their attendance. Their leadership and
insight have contributed immeasurably to the strength and
stability of our economy. The nation and the world owe a
debt of gratitude to these two great Americans. (Applause.)
That these distinguished guests have chosen
to join us today is a testament to the centrality of this
institution in the nation's economic life. Our mission,
as set forth by the Congress, is a critical one -- to preserve
price stability, to foster maximum sustainable growth and
output and employment, and to promote a stable and efficient
financial system that serves all Americans well and fairly.
In his remarks in this building in 1937,
President Roosevelt described our purpose: "To gain
for all of our people the greatest attainable measure of
economic well-being, the largest degree of economic security
and stability."
As I contemplate taking up the challenge
of leading this institution with such weighty responsibilities,
I count first on the love and support of my family -- my
wife, Anna; son, Joel and daughter, Alyssa, who are here
today. I know also that I can rely on the enormous strengths
of this institution's excellent leadership on the Board
and in the Reserve banks, and unmatched expertise and experience
in the staff.
Mr. President, as you probably know, on
September 11th, 2001, and in the days that followed, Vice
Chairman Roger W. Ferguson, Jr., who just swore me in, and
many members of the Federal Reserve staff, here, in New
York, and around the country worked inexhaustibly to ensure
the continued functioning and the recovery of the American
financial system. The dedication and knowledge demonstrated
that day by so many people exemplifies why the Federal Reserve,
as an institution, is far more than any single individual.
To my Board colleagues and to the staff
here today, I would like to say, thank you -- thank you
for your service to your country and your service to the
world. I'm very happy to be back among you, and I look forward
to working with each of you in the days and the years ahead.
I'm confident that together we will meet whatever challenges
the future will bring.
Thank you very much for coming, and thank
you for all your support. Thank you very much. (Applause.)
END 10:14 A.M. EST
(end transcript)
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