[Congressional Record (Bound Edition), Volume 145 (1999), Part 15]
[Senate]
[Page 20789]
[From the U.S. Government Publishing Office, www.gpo.gov]



                              ROBERT RUBIN

  Mr. DODD. Mr. President, I rise today to pay tribute to Secretary of 
the Treasury Robert Rubin. Sworn in on January 10, 1995, as the 70th 
Secretary of the Treasury, Bob Rubin resigned earlier this month.
  Prior to serving in the administration, Secretary Rubin spent 26 
years at Goldman, Sachs, & Co., starting as an associate and leaving as 
co-chairman and co-senior partner. We have had few Secretaries of the 
Treasury who have brought such knowledge and expertise to the job.
  His tenure as Secretary was marked by a steady, even-handed approach 
to economic policy in this country. He served in a critical time in our 
Nation's history. On his watch, the United States has dramatically 
increased its role as a leader in the global marketplace. The past 4 
years have been marked by turbulent economic times, and with his 
leadership we have weathered numerous international financial storms, 
including the Asian financial crisis, the Mexico peso devaluation, and 
the ongoing economic turmoil of the former Soviet Union.
  Under Secretary Rubin's leadership, we have maintained fiscal 
discipline. In 1992, the budget deficit was $290 billion, the largest 
dollar deficit on record. Last year, the budget surplus was nearly $70 
billion, the largest dollar surplus on record.
  Under Secretary Rubin, we have had a robust economy with strong job 
creation, inflation virtually nonexistent, and unemployment at its 
lowest rate in 29 years. His economic accomplishments are staggering.
  Over the past 4 years, 18.4 million new jobs have been created. Also, 
the unemployment rate was 4.3 percent in April 1999, which is the 
lowest in 29 years. At the time of Secretary Rubin's start in 1992, 
unemployment was at 7.5 percent. In fact, the unemployment rate has 
been below 5 percent for 22 months in a row--the lowest sustained 
unemployment rate in 29 years.
  After adjusting for inflation, wages have increased almost 2.7 
percent in 1998--that is the fastest real wage growth in more than two 
decades and the third year in a row--the longest sustained growth since 
the early 1970s.
  Inflation is the lowest since the 1950s. In fact, inflation was at 
1.4 percent for the beginning of 1999.
  I think the greatest tribute to Secretary Rubin has been the reaction 
of the financial markets to his departure. Our financial markets have 
responded with continued stable growth. Investors, both domestic and 
abroad, understand that the only way that Bob Rubin would consent to 
leave his post is if he felt that the U.S. economy was healthy and 
heading in the right direction.
  While I am saddened with Secretary Rubin's departure, I can think of 
no better replacement to fill the top post at Treasury than Larry 
Summers. I believe that it is critical that there be a smooth 
transition from one Treasury Secretary to another. Secretary Summers' 
leadership will provide a seamless transition and continuity to ensure 
stability in our financial markets.
  Secretary Summers' extensive academic expertise and tenure as Deputy 
Treasury Secretary make him an invaluable addition to the Cabinet. I am 
confident of his leadership ability and a strong believer that he will 
make an excellent Secretary of the Treasury.
  Bob Rubin has represented the best in public service, and our nation 
truly owes him a debt of gratitude. His tireless leadership helped put 
our fiscal house in order, but--just as important--helped forge a 
strong and vibrant economy that has created jobs and economic 
opportunity for millions of Americans. With his impressive financial 
expertise and background, he uniquely understood that government and 
business could work together so that everyone could benefit from 
economic expansion. And though he fought to make our nation a leader in 
the global marketplace--Bob Rubin ultimately understood the most 
important street in our nation was not just Wall Street, but Main 
Street.
  America is better off today because of Bob Rubin.
  I would like to thank him for his service to our nation and wish him 
all the best in his next endeavor. I would also like to congratulate 
Secretary Summers on his new position. I am confident of his success 
and I look forward to continuing to work with him.

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