    [Public Papers of the Presidents of the United States: George W. Bush (2006, Book I)]
    [February 6, 2006]
    [Pages 196-197]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks at a Swearing-In Ceremony for Ben S. Bernanke as Chairman of the Federal Reserve
    February 6, 2006

        Good morning. Thank you for the warm welcome here at the Federal
    Reserve. The Fed is one of our Government's most vital institutions. And
    today I congratulate a fine man and a distinguished public servant, Dr.
    Ben Bernanke, on becoming the 14th Chairman of the Federal Reserve.
        It's good to be with Anna, Ben's wife,
    Alyssa and Joel, his sister Sharon, and the
    other members of the Bernanke family. Welcome. Thanks for being here.
    You probably didn't think your brother was going to amount to much.
    [Laughter]
        I'm honored--members of my Cabinet who are here, Secretary Carlos
    Gutierrez, Deputy Secretary Bob
    Kimmitt. Members of Congress--Congressman
    Oxley, Congressman Frank--thank you all for coming. It's awfully generous of you
    both to be here. I appreciate Roger Ferguson, the Vice Chairman, other members of the Board of
    Governors; thank you for being here as well. Former Chairman Paul
    Volcker, thanks for coming today, sir. I've
    got something to say about the other former Chairman who is here, in a minute. [Laughter]
        Since its creation in 1913, the Federal Reserve has helped bring
    stability and growth to our Nation's economy. Around the world, the Fed
    is a symbol of integrity and reliability. Its decisions set our Nation's
    monetary policy, ensure a sound banking system, and help contain the
    risks that can arrive in our financial markets. The Fed's actions touch
    the lives of all Americans, and the Chairman of the Federal Reserve must
    be a leader of unquestionable credentials, sound judgment, and
    impeccable character. Ben Bernanke meets those high standards, and he
    will be an outstanding Chairman of the Federal Reserve.
        As Chairman, Ben follows in the footsteps of one of America's most
    respected public servants. Alan Greenspan is
    perhaps the only central banker ever to achieve what one publication
    called ``rock star status.'' [Laughter] For almost two decades, Chairman
    Greenspan's prudence and wise policies have guided this Nation through
    major economic challenges, have kept inflation in check, and contributed
    to phenomenal economic growth and a better life for all our citizens.
        Recently he said, ``I have only just
    realized that I have been on 24-hour call for 18 years.'' Mr. Chairman,
    you can rest a little easier and know that a grateful nation thanks you
    for your extraordinary service.
        Ben Bernanke now takes up Alan Greenspan's mantle. When I announced Ben's nomination last October,
    economists and leaders across the political spectrum responded
    positively. They praised him for his unsurpassed academic credentials,
    broad policy experience, and a reputation for consensus-building. The
    son of a pharmacist and a school teacher, Ben graduated from Harvard
    with top honors and earned a doctorate in economics from Massachusetts
    Institute of Technology. He rose through the academic ranks to become
    the chairman of the economics department at Princeton.
        Ben is one of the most cited economists in the world and is
    recognized for his path-breaking work in the field of monetary policy.
    Ben Bernanke also knows the Federal Reserve System. From 2002 to 2005,
    he served with distinction on the Fed's Board of Governors. Since last
    year, he has served as the Chairman of the Council of Economic Advisers
    at the White House. I came to trust his judgment, his calm demeanor, and
    his sly sense of humor. [Laughter]
        Throughout his distinguished career, Ben has earned a reputation for
    intellectual rigor, integrity, and personal decency. He's earned the
    respect of the global financial

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    community. Ben is an economist's economist, one of the most esteemed
    leaders in the field. He understands that economics is more than just
    crunching numbers; good economics embraces policies that unleash hope
    and hard work and the power of free people to be able to fashion and
    improve their lives. Ben Bernanke will work every day to keep America's
    economic prospects strong and prosperous. He'll be a superb Chairman.
        Mr. Chairman, thank you for agreeing to serve. Congratulations.

    Note: The President spoke at 10:04 a.m. at the Federal Reserve. In his
    remarks, he referred to former Chairman of the Federal Reserve Paul A.
    Volcker. The transcript released by the Office of the Press Secretary
    also included the remarks of Chairman Bernanke.