[Congressional Record (Bound Edition), Volume 145 (1999), Part 7]
[Senate]
[Page 9651]
[From the U.S. Government Publishing Office, www.gpo.gov]



                 RETIREMENT OF TREASURY SECRETARY RUBIN

 Mr. BIDEN. Mr. President, I rise today to share with my 
colleagues a few thoughts on the announcement that Treasury Secretary 
Rubin will be leaving his job in July.
  It is hard to believe how far we have come in the six and a half 
years of Bob Rubin's tenure at the Treasury Department. Our most 
fundamental ideas of how the world works--at least the world of 
economics and finance--have been transformed during his leadership of 
President Clinton's economic team.
  In our domestic finances, Mr. President, we have gone from a 
generation of seemingly intractable federal deficits to a new era of 
budget surpluses. It turns out that it is no easier to make budget 
policy now than it was before--in fact, it is probably harder. But the 
federal government is paying its own way now, and the payoff in the 
private economy--strong growth, low and stable interest rates, 
international confidence in the dollar--are there for everyone to see.
  As someone who came to the Senate over a quarter of a century ago, I 
can tell my colleagues that there has been no more fundamental change 
in the way we do business around here.
  And virtually everyone agrees that Bob Rubin's influence was the 
deciding factor in this Administration's successful fight to restore 
balance and responsibility to our federal budget. If that were his only 
legacy, it would put him in the pantheon of our greatest Treasury 
Secretaries.
  But Bob Rubin has left his mark on the international economy as well. 
The United States--restored to its historic role as the strongest and 
most influential economy in the world--was the indispensable leader 
during the financial crisis that shook international markets in the 
last two years. And it was Secretary Rubin's credibility that was on 
the line as international financial institutions like the IMF scrambled 
to meet the first financial crisis of the new global economy.
  Because he knew what key financial markets needed to see and hear 
from policy makers--and because he knew the strengths and the 
weaknesses of those markets first hand--his guidance was the essential 
ingredient that contained the damage from that crisis.
  Today, in the calm after the storm, there is still a lot of 
rebuilding to do--and too much troubling weakness in too many economies 
to say that the crisis is over. But it is not too early to say that the 
crisis was a direct challenge America's leadership in the world's 
economy, and Bob Rubin kept us on top.
  I might add that among the many facets of that financial crisis, 
Secretary Rubin had to invest his considerable energy, skills, and 
reputation to get this Congress to provide the funds necessary for the 
IMF to do its job. If they gave medals in his line of work, Mr. 
President, he would have one for that campaign, too.
  Robert Rubin was the recognized leader--with all of the heat that can 
come in that position--in two of the biggest economy stories of this 
decade: the battle against the deficit and the global financial crisis. 
His decisiveness, clarity of purpose, and calm persistence made a 
difference in this history of our time.
  I noticed, Mr. President, that the financial markets genuflected 
yesterday at the news of Secretary Rubin's impending departure. They 
dipped for a while at the initial disappointment, but inevitably they 
recovered because his replacement is an equally formidable--and 
tested--veteran of those same battles that have made Bob Rubin's 
reputation.
  Larry Summers, as Deputy Treasury Secretary, has earned Bob Rubin's 
confidence as his envoy to key countries in critical negotiations in 
the global financial crisis and in many other important jobs. He 
inherits a healthy economy, sound federal finances, and a strong team 
at the Treasury Department. But if the past few years are any guide, 
Mr. President, he will not lack for challenges.
  I noticed that he thanked his teachers today in accepting the new 
opportunity President Clinton has offered him. Surely he had no more 
valuable teacher than Bob Rubin. That should give us all confidence 
that the Treasury Department remains in good hands.

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