    [Public Papers of the Presidents of the United States: George W. Bush (2005, Book II)]
    [October 24, 2005]
    [Pages 1579-1580]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Announcing the Nomination of Ben S. Bernanke To Be Chairman of the Federal Reserve
    October 24, 2005

        The President. Good afternoon. One of a President's most important
    appointments is Chairman of the Federal Reserve. In our economy, the Fed
    is the independent body responsible for setting monetary policy, for
    overseeing the integrity of our banking system, for containing the risk
    that can arise in financial markets, and for ensuring a functioning
    payment system. Across the world, the Fed is the symbol of the integrity
    and the reliability of our financial system, and the decisions of the
    Fed affects the lives and livelihoods of all Americans.
        To lead this institution, a Chairman must be a person of impeccable
    credentials, sound policy judgment, and character. Today I'm honored to
    announce that I'm nominating Ben Bernanke to be the next Chairman of the
    Federal Reserve.
        Over the course of a career marked by great accomplishment, Ben has
    done path-breaking work in the field of monetary policy, taught advanced
    economics at some of our top universities, and served with distinction
    on the Fed's Board of Governors. He's earned a reputation for
    intellectual rigor and integrity. He commands deep respect in the global
    financial community, and he'll be an outstanding Chairman of the Federal
    Reserve.
        Ben will replace a legend, Alan Greenspan, who will retire when his current term runs out at the
    end of January. For nearly two decades, Chairman Greenspan has
    shepherded our economy through its highs and its lows. Under a steady
    chairmanship, the United States economy has come through a stock market
    crash, financial crises from Mexico to Asia, two recessions, corporate
    scandals, and shocks ranging from devastating natural disasters to a
    terrorist attack in the heart of America's financial center.
        Through all these challenges, Chairman Greenspan's prudent judgment and wise policies have kept inflation
    low. He's played a major role in America's strong economic growth. He
    has dominated his age like no central banker in history. He has
    contributed to a better life for all Americans, and I thank him for his
    service.
        Ben Bernanke is the right man to build on the record Alan
    Greenspan has established. Ben graduated from
    Harvard with top honors, earned a doctorate in economics from
    Massachusetts Institute of Technology. He's built a record of excellence
    as both an academic and policymaker. He is the author of several
    scholarly books and is one of the most cited economists in the world. As
    Fed Governor, Ben advocated greater transparency in communication with
    the public and markets. His speeches were widely admired for their keen
    insight and clear, simple language.
        Ben's career has also been distinguished by leadership. He was
    chairman of Princeton's economics department, founding director of
    Princeton's Bendheim Center for Finance, and a founding editor of the
    International Journal of Central Banking. Since June, he has served as
    Chairman of the Council of Economic Advisers.
        Ben is also a kind and decent man who is held in high regard by all
    those who've worked with him. He has the support of a strong and loving
    family. I'm pleased to see that Ben's wife, Anna, and his two children, Alyssa and Joel, are with us today.
        I want to thank Ben for his willingness to serve in a position so
    important for world markets and so vital to the well being of the
    American people. I urge the Senate to act promptly to confirm Ben
    Bernanke as the 14th Chairman of the Federal Reserve.
        Ben, thanks for serving.

    [[Page 1580]]

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

        The President. Congratulations, sir. Thank you, Ben.
        Chairman-designate Bernanke. Thank you.
        The President. Mr. Chairman, thank you
    for being here. I appreciate you.
        Chairman Alan Greenspan. Thank you.
        The President. Thank you all.

    Note: The President spoke at 1 p.m. in the Oval Office at the White
    House. The transcript released by the Office of the Press Secretary also
    included the remarks of Chairman-designate Bernanke.