[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

[[Page 197]]

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.