    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book I)]
    [June 21, 2005]
    [Pages 1033-1035]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks at a Swearing-In Ceremony for Ben S. Bernanke as the Chairman of the Council of Economic Advisers
    June 21, 2005

        The President. Good morning. Thank you all for coming. I'm pleased
    to congratulate a distinguished economist and public servant, Ben
    Bernanke, on becoming the new Chairman of the Council of Economic
    Advisers. Congratulations. I'm also honored to have Ben's wife,
    Anna, and his two children, Alyssa and Joel, with us; thank you
    all for coming.
        Ben has taught advanced economics at some of our Nation's top
    universities for over two decades. And for nearly 3 years, he has done
    an outstanding job as a member of the Federal Reserve Board of
    Governors. He's a talented, visionary thinker. I'll look forward to his
    advice. I'll look forward to his counsel. And there's no doubt in my
    mind he will be an outstanding Chairman of the CEA.
        Ben follows three others who have done a superb job as Chairmen of
    my Council of Economic Advisers: Harvey
    Rosen--there he is--[laughter]--Greg Mankiw, and Glenn Hubbard. I'm
    grateful to have had such able and dedicated counselors. I thank them
    for their service.
        I appreciate the Director of the OMB and member of my Cabinet who
    has joined

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    us today, Josh Bolten. I want to thank my
    friend Al Hubbard, the Director of the
    National Economic Council, with whom Ben will be working closely.
        I'm most grateful, and I know Ben is as well--is that the Chairman
    of the Federal Reserve, Mr. Alan Greenspan,
    has joined us today--welcome--as well as Roger Ferguson, the Vice Chairman of the Fed. I appreciate you all
    coming.
        I want to thank Ned Gramlich, a
    Governor of the Federal Reserve; Susan Bies, a Governor of the Federal Reserve. I want to thank
    the staff of the Council of Economic Advisers who have joined us today.
    You're fixing to work for a good man.
        Ben will lead the CEA at an important time for our economy. Today,
    Americans have many reasons to be optimistic about our economic future.
    After all, our economy is growing faster than that of any other major
    industrialized nation. Over the last 2 years, we've added more than 3.5
    million new jobs. The unemployment rate is down to 5.1 percent. That is
    lower than the average rate of the 1970s, the 1980s, and the 1990s. More
    Americans are working today than ever before. Small businesses are
    flourishing. Families are taking home more of what they earn, and more
    people own their homes than ever before.
        We've got to build on those achievements to make sure we have
    lasting prosperity in America. I look forward to Ben's advice as we
    continue to advance a progrowth, projobs agenda. By making our economy
    more flexible, more innovative, and more competitive, we'll keep America
    the economic leader of the world.
        Our agenda for a stronger economy begins with allowing families to
    keep more of the money they earn. To get the economy growing again after
    the September the 11th attacks, we enacted the largest tax relief in a
    generation. In order to make sure that that tax relief continues to work
    on behalf of entrepreneurs and small businesses and families, Congress
    needs to make that tax relief permanent. We also need a reformed Tax
    Code that is simple and fair and easy to understand. I'm looking forward
    to Ben's advice on the definition of a good, reformed Tax Code.
        To keep America the economic leader of the world, we must recognize
    that the money we spend belongs to the taxpayers, not to the Government.
    We'll insist on a budget that tames the spending appetite of the Federal
    Government and stays on track to cut the deficit in half by 2009.
        To keep America the economic leader of the world, we must free our
    small businesses from needless regulations and protect honest job
    creators from junk lawsuits. Congress needs to pass the asbestos
    liability bill--now. And this year we also need to pass medical
    liability. To keep health care more affordable and accessible, we've got
    to work to pass association health plans and continue to expand health
    savings accounts. To ensure America's future prosperity, we'll continue
    to insist upon high results and measuring achievements so that every
    child can learn to read and write and add and subtract.
        To keep America the economic leader of the world, we will strengthen
    the institutions that underpin our society. Americans need to know that
    if they work hard their whole lives, they'll be able to retire with
    confidence and peace of mind, so we're working to save Social Security
    for a younger generation of workers. We want to make sure the next
    generation of retirees will be as secure in their retirement as today's
    retirees.
        Americans will require a reliable and affordable energy supply if we
    want to be the leader of the world, and so that's why I proposed a
    comprehensive energy policy 4 years ago to reduce our dependence upon
    foreign oil. Now is the time for the United States Congress to get an
    energy bill on my desk that will allow us to diversify away from the
    hydrocarbon society in which we live.
        In this new century, American prosperity will increasingly depend on
    our ability to

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    sell our goods and services overseas. We need to pass CAFTA, the Central
    American-Dominican Republic Free Trade Agreement, to show the world our
    commitment to free and fair trade and to stand squarely with those young
    democracies in our own hemisphere.
        A vibrant economy requires a strong and confident economic
    leadership, and I am happy to have Ben's experience. I want to thank Ben
    for agreeing to serve at an important time for our economy, and I look
    forward to his wise counsel. Congratulations.

    [At this point, Chairman Bernanke made brief remarks.]

        The President. Hold off on a happy birthday for a minute. [Laughter]

    [Chairman Bernanke made further remarks.]

        The President. Good job, Ben. Thanks for coming.

    Note: The President spoke at 10:26 a.m. in Room 450 of the Dwight D.
    Eisenhower Executive Office Building. The transcript released by the
    Office of the Press Secretary also included the remarks of Chairman
    Bernanke.