    [Public Papers of the Presidents of the United States: William J. Clinton (1998, Book I)]
    [April 14, 1998]
    [Pages 555-556]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Announcing the Office of Management and Budget Transition and an
    Exchange With Reporters
    April 14, 1998

        The President. In a few moments I am leaving for Houston to speak to
    the men and women of NASA, visit with America's oldest and newest space
    hero, Senator John Glenn, and participate tonight
    in an ESPN townhall on race. But first, I want to make a personnel
    announcement about a critical position on our economic team.
        For 5\1/2\ years, our administration has brought a new vision of
    stewardship to our economy. We insisted on fiscal discipline, on
    bringing the deficit down from $290 billion on the day I

    [[Page 556]]

    took office to nearly zero today. At the same time, we were determined
    to invest in our people and their future, to give all Americans the
    chance to reap the rewards of our prosperity. This invest and grow
    economic strategy is clearly the right one for America.
        To put this strategy into place, we have needed an able team. I have
    been proud to have at my side skilled and dedicated men and women, a
    true team of public servants who have helped to steer the economy
    through one of the longest peacetime expansions in our history.
        For the past 2 years, Frank Raines
    has been a key member of that team. He has served the American people
    with true distinction as Director of the Office of Management and
    Budget. He is the first Budget Director to draft and submit a balanced
    budget since Neil Armstrong walked on the Moon. He brought a
    businessman's practical sensibility to the task of safeguarding the
    taxpayers' hard-earned dollars. He has
    earned the trust of Democratic and Republican Members of Congress alike.
    He has served as a key negotiator of last year's balanced budget
    agreement. He has shown true leadership in tackling the difficult
    problems of the District of Columbia. Frank Raines has been, in short, a
    brilliant OMB Director, a leader of this administration, a trusted
    adviser, an able spokesperson, and a real friend.
        He has just informed me in the last
    couple of days that he has decided to step down as Director of OMB
    because of a wonderful, once-in-a-lifetime opportunity in the private
    sector. I regret his decision, but I certainly understand it. I think
    it's clearly the right thing for him, his wife, Wendy, and their children, and I wish them all the best.
        I'm also delighted to announce my intention to nominate Jack
    Lew to be the next OMB Director. Only a handful
    of people in Washington have Jack Lew's profound knowledge of the
    Federal budget and the legislative process; almost none of them has his
    ability to explain it in plain English. Just as important, very few
    people in Washington also have his record of idealism, commitment, and
    conscience.
        From his days as policy director for the
    Speaker of the House, when he and Tip O'Neill worked to strengthen
    Social Security in 1983, to his days fighting to create AmeriCorps, a
    national service initiative that has brought the spark of service and
    the opportunity for a college education to the lives of tens of
    thousands of young Americans, to his most recent work as Deputy Director
    of OMB, drafting our balanced budget, Jack Lew has been a true and
    dedicated public servant.
        Like Frank Raines, with whom he has made a very good team, Jack works to balance the budget not just for its own
    sake but for the sake of the people whose interests and values he
    serves. He already serves as a valued member of our economic team. I
    look forward to his speedy confirmation as Director of OMB, and I thank
    him and his wonderful family for being here today and for being willing
    to undertake the sacrifice and rigors of public service for the honor
    and the reward.
        Thank you very much. Now I'd like to ask Mr. Raines and Mr. Lew to make statements.

    [At this point, Director Raines and Director-designate Lew made brief
    remarks.]

    NationsBank and BankAmerica Merger

        Q. Mr. President, what do you think of the big bank mergers? Mr.
    President, do you have any ideas about them?
        The President. It would be inappropriate to comment now.

    Director of the Office of Management and Budget

        Q. Where is Mr. Raines going--this chance of a lifetime?
        Director Raines. Stay tuned.
    [Laughter]
        The President. Shortly. That's news, unfortunately, I can't make.

    Note: The President spoke at 8:55 a.m. on the South Lawn at the White
    House, prior to his departure for Houston, TX.