[Public Papers of the Presidents of the United States: William J. Clinton (1994, Book I)]
[April 22, 1994]
[Page 763]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement on Nominations for the Federal Reserve Board
April 22, 1994

    A stable monetary system is the platform upon which any efforts for 
economic renewal must be built. My administration recognized that our 
first task was to put our fiscal house in order, so that an ever-growing 
Federal budget deficit did not absorb capital and slow economic growth. 
I believe that we have now put our Nation on the path to sustainable 
economic growth. The Federal Reserve Board is the critical institution 
that preserves the stability of our monetary system and the confidence 
of our markets. The position of Governor of the Federal Reserve Board 
requires acute sensitivity to the need to strike a careful balance, to 
prudently manage the money supply and avoid the excesses of inflation, 
while ensuring that the men and women in our economy have the 
opportunity to prosper and fulfill their dreams.
    To fill the vital job of Vice Chairman of the Federal Reserve, I am 
delighted to nominate Dr. Alan Blinder, currently a member of the 
Council of Economic Advisers. Dr. Blinder is one of the world's most 
respected macroeconomists. He is an expert on fiscal and monetary policy 
and productivity, has served as chairman of the economics department at 
Princeton, authored countless articles and books, including one of the 
Nation's top textbooks, ``Economic Principles and Policy,'' which he 
coauthored with William Baumol.
    Alan has been an integral part of my economic team over the last 15 
months. He has always expressed his views to me freely, with 
intellectual integrity, force, and clarity. He is a keen intellect who 
reached the top of his profession without losing the common touch or 
ever forgetting the human implications of the often abstract economic 
decisions we in Government must make. He has served as an economic 
conscience in my administration, striving to ensure that our policies 
met the test of rationality and workability for real people.
    I am also pleased to announce my intention to nominate Janet Yellen 
to a full term on the Federal Reserve Board. Dr. Yellen is one of the 
most prominent economists of her generation on the intersection of 
macroeconomics and labor markets. She is also an expert in international 
economics on such issues as the determinants of the balance of trade. 
She was a clear and unanimous choice of my top economic advisers who 
found her to be a top-flight intellect with a pragmatic approach to 
monetary policy and a judicious temperament.
    I am confident that both candidates, if confirmed, will serve this 
Nation with distinction as Governors of the Federal Reserve Board.

Note: Biographies of the nominees were made available by the Office of 
the Press Secretary.