    [Public Papers of the Presidents of the United States: William J. Clinton (1994, Book II)]
    [December 6, 1994]
    [Pages 2149-2150]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 2149]]

    Remarks on the Resignation of Lloyd Bentsen and the Nomination of
    Robert Rubin To Be Secretary of the Treasury
    December 6, 1994

        The President. Good morning, everyone. Today, with deep regret, I
    accept the resignation of the senior member of our economic team,
    Secretary of the Treasury Lloyd Bentsen.
        I first began to think about asking Lloyd Bentsen to join our
    administration and to be a part of our economic efforts to restore
    economic opportunity in America, to restore the fortunes of the middle
    class, to give poor Americans a chance to work their way into the middle
    class when we talked on a bus going through Texas in 1992. I had known
    and respected him for many years, but we'd never really had a long and
    detailed discussion about what was happening in America, about the
    number of people who were working hard and still falling behind, about
    the growing inequality in our country among hard-working people. He made
    a profound impression on me that day and in all the days since. And I
    thank him for his outstanding service for a job very, very well done.
        Lloyd Bentsen likes to say that you can serve your fellow men and
    women in many ways, as a healer, a teacher, a preacher, but you can
    never touch as many lives as in public service. He has given more than
    half a century of his life to public service, as a pilot in the Army Air
    Corps in World War II flying combat missions over Europe, as a county
    judge, as a Congressman, as a businessman, a United States Senator and
    distinguished chairman of the Senate Finance Committee, a contender for
    President, our party's nominee for Vice President, and finally as a very
    outstanding Secretary of the Treasury. He has served in every capacity
    with dignity and distinction. By any stead, he ranks as one of the
    outstanding economic policymakers in this country since World War II.
        As Secretary of the Treasury, his work has touched nearly every
    field of accomplishment of this administration: making our economy work
    again for ordinary Americans, restoring discipline to our budget,
    helping private enterprise create new jobs, expanding trade, passing the
    Interstate Banking Act which saved billions in regulatory costs,
    ensuring greater tax fairness in our Tax Code through giving a tax break
    to 15 million hard-working American parents. And he's also made the
    Treasury Department a full partner in our fight against crime and drugs.
        The results are there for all to see: the biggest deficit reduction
    in history, the biggest expansion of trade in a generation, over 5
    million new jobs in this economy on this Christmas than there were two
    Christmases ago, and this year more high-wage jobs into this economy
    than in the previous 5 years combined. The earned-income tax credit has
    given 50 million Americans who live in hard-working families with modest
    incomes more money in their pocket and a greater chance to have a fair
    deal in America.
        Beyond all this, however, I also have to say that I have valued
    Secretary Bentsen's good counsel and his unfailing good spirits. He
    represents the best tradition of American public service and of
    Americans working together for the common good. He fights hard for what
    he believes in. He treats his adversaries with respect, something all
    would do well to follow. And at the end of the day, he has worked hard
    to find common ground for the common good.
        If you know very much about Lloyd Bentsen you know that the word
    ``retire'' sounds like an oxymoron in his vocabulary. He's not saying
    farewell to active life. He is going home to Texas, to the private
    sector that he loves and knows is the heart and soul of our economy. He
    wants to spend more time with B.A. and with his family, including his
    three children and his seven grandchildren, whom the latest was born
    just last month.
        He has promised me that he would come back here on a regular basis
    to be part of a seasoned kitchen cabinet to try to help steer this
    administration through the challenges and seize the opportunities of the
    next 2 years. And I appreciate that very, very much. But I want you to
    know, Mr. Secretary, I loved having you here every day, and I'm really
    going to miss you.
        Thank you.

    [At this point, Secretary Bentsen made brief remarks.]

    [[Page 2150]]

        The President. Well, as Secretary Bentsen implied, I have now taken
    both his and Bob Rubin's advice on who should be the Secretary of the
    Treasury. Before joining our administration, Bob built a brilliant
    career at Goldman, Sachs and Company where he manifested a concern for
    the well-being of all Americans, including those who live in our great
    cities who yearn for more opportunity than they have.
        He has helped our administration to do something that had never been
    done before, to have an economic team that really works together as a
    team, with talent and with discipline and with a common vision. Forty-
    seven years ago, President Truman created the National Security Council
    so that officials in foreign policy and defense could work together.
    With Bob Rubin's leadership, we have created a National Economic Council
    so that our economic policymakers can work together for the good of the
    American people. He's the consummate honest broker who brings economic
    wisdom, common sense, and common decency to every one of our challenges.
        To borrow a famous phrase from the Treasury Secretary, I know Lloyd
    Bentsen. Lloyd Bentsen is a friend of mine. And Bob Rubin will be a
    worthy successor to Lloyd Bentsen.

    [At this point, Secretary-designate Rubin made brief remarks.]

        The President. Thank you very much. Let me just say that during the
    period of time between Secretary Bentsen's leaving and when Bob is
    finally confirmed as Secretary of the Treasury, Frank Newman will be our
    Acting Secretary of the Treasury. He has been a distinguished member of
    Lloyd Bentsen's team. He put together a very distinguished career in
    banking before joining the Treasury Department as Under Secretary for
    Domestic Finance, and I thank him for his willingness to serve.
        In closing, let me also just say a special word of thanks to the
    families of these two people, to Judy Rubin, to B.A. Bentsen, and to
    their families for the extraordinary sacrifice that public service
    entails today. This is in many ways a sad farewell, but it is also a
    celebration, a celebration of the success of the leadership of Lloyd
    Bentsen, the success of the idea of a national economic partnership and
    a team, and the success of our continued commitment to move forward with
    Bob Rubin's leadership until we finish our job, until we have really
    opened up the doors of opportunity to the American middle class, to
    those who are working hard and deserve it and deserve a better future.
        Thank you all, and good-bye.

    Note: The President spoke at 11:17 a.m. in the Rose Garden at the White
    House.