    [Public Papers of the Presidents of the United States: George W. Bush (2007, Book I)]
    [January 31, 2007]
    [Pages 81-89]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the National Economy in New York City
    January 31, 2007

        Thank you all very much. Thanks for coming. Please be seated. Thanks
    for being here. I'm pleased to be back in Federal Hall. You know, I
    drove in, and there stood George Washington. I like to call him George
    W. [Laughter] It's nice to be back here.
        Last week, I delivered my State of the Union. This morning, I've
    come to deliver a state of the economy speech, and there's no better
    place to do it than in America's financial capital. More than two
    centuries ago, Alexander Hamilton led the U.S. Treasury Department from
    this building. Today, New York City is headquarters of global
    corporations; it's a center for capital markets; it's the home of three
    of the world's greatest stock exchanges. You have a mayor whose name is a fixture on trading floors across
    the world. [Laughter] And until I took him to Washington, you had
    Hank Paulson, who, by the way, is
    doing a fabulous job.
        As we begin this new year, America's businesses and entrepreneurs
    are creating new jobs every day. Workers are making

    [[Page 82]]

    more money; their paychecks are going further. Consumers are confident;
    investors are optimistic. Just today we learned that America's economy
    grew at an annual rate of 3.5 percent in the fourth quarter of 2006.
    That means our economy grew at 3.4 percent last year, which is up from
    3.1 percent in 2005. Ladies and gentlemen: The state of our economy is
    strong. And with the hard work of the American people and the right
    policies in Washington, we're going to make it even stronger.
        Mr. Mayor, thanks for being here. I
    appreciate you coming. You're doing what people want you to do, and that
    is to lead this city. I appreciate Bill
    Rudin. Thanks for having me, Bill; good to see you again.
        I want to thank Members of the Congress who have joined us: Peter
    King, Vito Fossella, Carolyn Maloney, and
    Tom Reynolds. Thanks for flying down with
    me today. You want a ride back? [Laughter]
        Mr. Mayor, David Dinkins, thank you for
    being here. Proud you're here. And it's good to see my buddy, Mayor Ed
    Koch. Mr. Mayor, thank you for coming,
    appreciate you being here.
        I thank the members of the Association of a Better New York who have
    joined us. I appreciate all the State and local officials who are here.
        Bill mentioned that I was here in
    October 2001. I recognized then that our economy had been hit hard, and
    there was great uncertainty about the future. It was a tough time for
    the country. Many people were out of work. By mid-December, nearly a
    million jobs had been lost. The collapse of the Twin Towers had left
    dangerous cracks in this building's foundations.
        I said that day that I was optimistic that our economy would recover
    from these attacks. But if I'd have told you we would also make the
    recession one of the shortest on record, that we'd have confronted
    corporate scandals, absorb a tripling in the price of oil, fight a
    global war, and help a whole region of our country recover from a
    hurricane, you might have been a little skeptical.
        Yet America's economy has overcome all these things. Federal Hall
    has been fully restored; it's on solid ground. And so is the New York
    economy--as the mayor mentioned, it's booming--with a bond rating at an
    alltime high and unemployment near an alltime low. Across our Nation,
    small businesses and entrepreneurs are creating millions of new jobs.
    Retail sales are up; consumer spending is strong; exports of goods and
    services have jumped by nearly 35 percent. The Dow Jones has set new
    records 26 times in the last 4 months. Productivity is strong, and
    that's translating into higher wages.
        When people across the world look at America's economy, what they
    see is low inflation, low unemployment, and the fastest growth of any
    major industrialized nation. The entrepreneurial spirit is alive and
    well in the United States. There is one undisputed leader in the world
    in terms of economy, and that's the United States of America.
        On Wall Street, you know that America's economic leadership rests on
    strong and flexible capital markets. Capital markets connect
    entrepreneurs with the investment they need to turn their ideas into new
    businesses. America's capital markets are the deepest, the broadest, and
    the most efficient in the world. Yet excessive litigation and
    overregulation threaten to make our financial markets less attractive to
    investors, especially in the face of rising competition from capital
    markets abroad. To keep America's economic leadership, America must be
    the best place in the world to invest capital and to do business.
        One important step we've taken in Washington is to pass litigation
    reform like the Class Action Fairness Act. It's important for people in
    Congress to understand that excessive lawsuits will make it hard for
    America to remain the economic leader that we want to be. Another
    important step we've taken is to strengthen our business

    [[Page 83]]

    institutions by passing the Sarbanes-Oxley Act in 2002. This law helped
    boost investor confidence by establishing high standards for
    transparency and corporate governance. The principles of Sarbanes-Oxley
    are as important today as when they were passed. Yet complying with
    certain aspects of the law, such as section 404, has been costly for
    businesses and may be discouraging companies from listing on our stock
    exchanges.
        We don't need to change the law; we need to change the way the law
    is implemented. America needs a regulatory environment that promotes
    high standards of integrity in our capital markets and encourages growth
    and innovation. And I'm pleased of the progress that Hank
    Paulson and Chairman Chris Cox are making to make sure the regulatory burden is
    not oppressive, and fair, and helps us meet a great national objective:
    to keep the United States the economic leader in the world.
        Our economic leadership also depends on sensible, progrowth tax
    policies. To help bring our economy out of a recession and recover from
    September the 11th, we cut taxes on the American people. We cut taxes on
    everybody who pays income taxes. We doubled the child tax credit. We
    reduced the marriage penalty. We cut taxes on small businesses. And we
    cut taxes on dividends and capital gains.
        There's a lot of political debate about these tax cuts, but here are
    some of the facts. Since we enacted major tax relief into law in 2003,
    our economy has created nearly 7.2 million new jobs; our economy has
    expanded by more than 13 percent. That expansion is roughly the size of
    the entire Canadian economy. This economic growth has led to record tax
    revenues, which has helped us cut the deficit in half 3 years ahead of
    schedule. One fact should be clear when you look at the statistics: The
    fastest way to kill a recovery would be to raise taxes on the people who
    created it. Now is not the time for the Federal Government to be raising
    taxes on the American people.
        We must ensure that the money you send to Washington is spent
    wisely. Next Monday, I'm going to submit to Congress a budget that will
    eliminate the deficit by 2012. In order to do so, we need to set
    priorities in Washington. You can't try to be all things to all people
    when it comes to spending your money if you want to keep taxes low, keep
    the economy growing, and balance the budget. And my number-one priority
    is to protect this country. And we're going to make sure our troops have
    all the equipment they need to do the job we've sent them to do and make
    sure our citizens have what it takes to defend this homeland.
        That means we've got to be careful about how we spend money in other
    areas. One thing we can do to show the American people that we're going
    to be smart about how we spend their money is to do something about
    earmarks. It's that system of appropriations where things end up being
    spent even though nobody has voted on them. And I'm going to work with
    Congress to reduce the amount of earmarks and the number of dollars
    spent by earmarks in a significant way, to earn the trust of the
    taxpayers of this country and, at the same time, be wise about how we
    spend their money.
        I believe I need a line-item veto to help Congress spend money
    wisely. And so I put forth a plan that says the legislative branch and
    the executive branch will work together to eliminate wasteful and
    unnecessary spending.
        We're about to pass a farm bill that provides a strong safety net,
    while tightening spending and cutting subsidies. We can manage this
    short-term deficit, and I look forward to working with Congress to do
    so. But it's important for Congress to understand, there are unfunded
    liabilities inherent in Social Security and Medicare that we need to do
    something about now.
        And I understand it's tough work; requires political will from both
    the President and the Congress to come together and

    [[Page 84]]

    solve this problem. I'm hopeful that we can set aside needless politics
    and address the issues with entitlements in a constructive way. That way
    people will say: ``They came to Washington, and they did the job we
    expect them to do.''
        Our growing economy is also a changing economy. The rise of new
    technologies, new competition, and new markets abroad is bringing
    changes, and these changes are coming faster than ever. There was a time
    when most people expected they'd keep a job for life. Now the average
    American has 10 jobs before the age of 40. It used to be that a
    company's name would stay the same for decades. New companies are now--
    now companies are merging and splitting and creating new names and new
    stock symbols. Some of us can still remember when cell phones were the
    size of bricks and considered a luxury. Now they fit in your pocket,
    they take photos, they play music, and every teenager in America has
    one, it seems like.
        By and large, our dynamic and innovative economy has helped
    Americans live better and more comfortable lives. Yet the same dynamism
    that is driving economic growth is also--can be unsettling for people.
    For many Americans, change means having to find a new job or to deal
    with a new boss after a merger or to go back to school to learn new
    skills for a new career. And the question for America is whether we
    treat the changes in our economy as opportunity to help improve people's
    lives or as an excuse to retreat into protectionism.
        I believe that the changes present us with historic opportunities.
    America's growing economy allows us to approach them from a position of
    strength. And so today I'm going to discuss actions we should take to
    make America's economy more flexible and dynamic in four areas: trade,
    health, energy, and education.
        First, we can make our economy more flexible and dynamic by
    expanding trade. America has about 5 percent of the world's population,
    and that means 95 percent of our potential customers are abroad. Every
    time we break down barriers to trade and investment, we open up new
    markets for our businesses and our farmers. As we improve free trade,
    consumers get lower prices; there are better American jobs; you see
    increased productivity. Jobs supported by exports of goods pay wages
    that are 13 to 18 percent higher than the average. So one of our top
    priorities has been to remove obstacles to trade everywhere we can.
        When I took office, America had free trade agreements with three
    countries. We have free trade agreements in force now with 13 countries,
    and we have more on the way. These agreements are leading to direct
    benefits for America's businesses and, equally importantly, America's
    workers. Yesterday I went to the Caterpillar plant in Peoria, Illinois.
    That's where they make big bulldozers. [Laughter] The folks there told
    me that Caterpillar now exports more than one-half of the products they
    make. They see immediate results when we have broken down barriers to
    trade. Within 2 years of implementing our free trade agreement with
    Chile, Caterpillar's exports to that country have nearly doubled. The
    opening of this and other export markets has led Cat to add thousands of
    new jobs here in America.
        Manufacturers, farmers, and service providers all across our country
    have similar stories. So we need to continue to level the playing field
    for our goods and services. I strongly believe this: When people around
    the world have a choice, they choose goods that say ``Made in the USA.''
        In this global economy, new competition means that American
    businesses must constantly approve [improve].* Global competition can
    also lead to hardships for our workers and their families. Government
    has a responsibility to help displaced workers find new jobs or even a
    new career. So my administration has reformed job training programs and
    expanded trade adjustment

    [[Page 85]]

    assistance to help more displaced workers learn the new skills they need
    to succeed. I'm going to work with Congress to reauthorize and to
    improve the trade adjustment assistance this year, so we can help
    Americans take advantage of this growing, dynamic economy.
    ---------------------------------------------------------------------------
        *White House correction.
    ---------------------------------------------------------------------------
        At this moment, the most promising opportunity to expand free and
    fair trade is by concluding the Doha round at the World Trade
    Organization. Global trade talks like Doha have the potential to lower
    trade barriers all around the world. They come around only once every
    decade or so. Successful trade talks will have an enormous impact on
    people around the world. Since World War II, the opening of global trade
    and investment has resulted in income gains of about $9,000 a year for
    the average American household.
        The Doha round is a chance to level the playing field for our goods
    and services--in other words, so we can be treated fairly in foreign
    markets--but it also has a great opportunity to lift millions of people
    out of poverty around the world. And so we're going to work hard to
    complete it. We are dedicated to making sure we have a successful Doha
    round.
        The only way America can complete Doha and make headway on other
    trade agreements is to extend trade promotion authority. This authority
    allows the President to negotiate complicated trade deals for our
    country and then send them to Congress for an up-or-down vote on the
    whole agreement. Presidents of both parties have considered this
    authority essential to completing good trade agreements. Our trading
    partners consider it essential for our success at the negotiating table.
    The authority is set to expire on July 1st, and I ask Congress to renew
    it. I know there's going to be a vigorous debate on trade, and bashing
    trade can make for good sound bites on the evening news. But walling off
    America from world trade would be a disaster for our economy. Congress
    needs to reject protectionism and to keep this economy open to the
    tremendous opportunities that the world has to offer.
        Second, we can make our economy more flexible and dynamic by
    reforming our health care system. Across the country, business owners
    tell me that the cost of health care is their biggest problem, and it's
    becoming harder to provide coverage for their workers. American workers
    and their families also find that the health care system is rigid and
    confusing. They end up with medical bills that are impossible to
    understand, and spend hours filling out complicated insurance forms.
    They feel locked into jobs because they're worried about losing the
    health insurance if they leave their job. They have no way to measure
    the quality of their doctors and hospitals. They see good doctors being
    driven out of practice because of frivolous lawsuits. All this leads to
    higher medical costs and higher insurance premiums for businesses and
    their families.
        Listen, Federal Government has an important role to play when it
    comes to health care, and that is to help the poor and the disabled and
    the elderly. And we're keeping those obligations. But for all other
    Americans, I believe that private health insurance is the best way for
    them to meet their needs. Many Americans cannot afford private health
    insurance, so we're taking steps to make it more affordable and to give
    patients more choices and more control over their health care decisions.
        We created health savings accounts, which put patients in charge of
    their medical decisions and helps reduce the cost of their coverage. And
    I ask Congress to strengthen health savings accounts. We need to pass
    association health plans, so that small businesses can insure their
    workers by pooling risk at the same discount that big companies are able
    to get.
        We're using information technology. Listen, we're a giant consumer
    of health care at the Federal level. And we're insisting upon new
    technologies to make health care more efficient, and thereby reducing
    costs

    [[Page 86]]

    inherent in an inefficient system and reducing medical errors. We
    believe that the health care industry needs to post price and quality,
    so as consumers have more choice, they're able to make better decisions
    about the health care they get. We understand that a nontransparent
    system where somebody else pays the bills is likely to cause costs to
    continue to rise.
        Congress needs to pass medical liability reform. If you're
    interested in available and affordable health care, we should not have a
    legal system that's running good doctors out of practice and running up
    the cost of your medicine.
        And one of the most promising ways to make private health insurance
    more affordable is to reform the Tax Code. Under current law, workers
    who get health insurance from their companies get a tax benefit. If you
    buy insurance on your own, you do not get the tax benefit. The Tax Code
    is not fair. So in my State of the Union Address, I proposed to end this
    unfair bias in the Tax Code by creating a standard deduction for every
    American who has health insurance, no matter where you get it from.
        This deduction would also apply to payroll taxes, so that those who
    do not pay income taxes would still get a benefit. With this reform,
    more than 100 million men, women, and children who are now covered by
    employer-provided insurance will benefit from lower tax bills. Those who
    now purchase health insurance on their own would save money on their
    taxes. Millions of others who have now no health insurance at all would
    find basic private coverage within their reach.
        As well, we need to do more to help the States and localities deal
    with the uninsured. I think the most innovative programs are developed
    at the State level. And I think it's in our interest to support States
    that make basic private health insurance available to all their
    citizens: to have help from the Federal Government, to help them with
    the poor, to help them with the uninsured. So we're asking Congress to
    join us in setting up Affordable Choices grants to make sure that the
    poor and the sick have private health insurance available to them as
    well.
        All these steps will bring America closer to a health care system
    where patients are in charge of their medical decisions. In a reformed
    system, there will be a vibrant individual market, in which health
    insurance companies actually compete for your business. When you leave
    your job for a better opportunity elsewhere, you will be able to take
    your health care plan with you. If people change jobs 10 times before
    they're 40, we need a health care system that is flexible and consumer
    oriented. Health care providers will have an incentive to improve their
    service. Your medical records would fit on a CD, so you would not have
    to fill out multiple forms every time you visit your doctor. In the end,
    you would have a more flexible health care system that responds to your
    needs and, at the same time, helps us keep our economy flexible and
    dynamic.
        Third, we can make our economy more flexible and dynamic by
    diversifying our energy supply. Energy is vital to businesses and
    farmers and families all across our Nation. Yet we have a fundamental
    problem: We're too dependent on oil. That creates vulnerabilities. When
    demand for oil goes up in China or India, it affects the price of
    gasoline here in America. If a terrorist were to attack oil
    infrastructure, it affects the supply of energy here in America.
        Dependency on oil means we're not being as good a steward of the
    environment as we should be. The way to overcome these challenges is
    through innovation and technology. I believe it is a good use of your
    money to spend at the Federal level on new technologies to make us less
    dependent on oil, and that's exactly what we've done. We're spending
    money on cellulosic ethanol; that's a fancy word for saying, someday,
    we're going to be able to convert switchgrass into energy that powers

    [[Page 87]]

    your cars. We're spending money on biodiesel fuels. We're spending money
    on advanced batteries, so, someday, you'll be able to plug in your
    automobile and drive the first 40 miles on electricity, and your car is
    not going to look like a golf cart. [Laughter] We're spending money on
    solar and wind energy and clean coal and nuclear power.
        Since 2001, my administration, working with Congress, has invested
    up to more than $10 billion to develop cleaner energy alternatives. And
    this Federal funding has helped America's scientists and engineers make
    tremendous progress toward a goal of becoming less dependent on oil. As
    well, the private sector is responding. You know it better than I do,
    but a lot of people are seeing interesting opportunities available in
    alternative energies, and private money is flowing into these new
    alternatives.
        So we're on the threshold of dramatic technological breakthroughs.
    And now the challenge is to move the technologies from research lab into
    the marketplace. In my State of the Union, I set an ambitious goal of
    reducing gasoline usage in the United States by 20 percent over the next
    10 years. If you want to become less dependent on oil, the quickest way
    to do so is to use less gasoline. Meeting this goal will require
    significant changes in supply and demand. On the demand side, we have
    got to reform our economy--fuel economy standards; that will reduce the
    amount of gasoline that cars and SUVs consume. And on the supply side, I
    have proposed a new mandatory fuel standard that is nearly a fivefold
    increase over the current target for renewable and alternative fuels.
        We'll leave it to the market to decide the mix of fuels that most
    effectively and efficiently meet this goal. But that goal can be
    achieved, and that's why I put it out there. It's a necessary goal for
    our national security and economic security. It's an important goal to
    deal with the issue of climate change. Imagine what these technologies
    will mean for somebody living in New York; the fuel in your car is going
    to come from a cornfield in Iowa or perhaps switchgrass out of Texas.
    Hybrid electric taxicabs will be running on new generation lithium ion
    batteries. The financial pages will be filled with new stock symbols for
    a--dynamic American companies in the growing field of alternative fuels.
        This day is coming, but it's not going to happen overnight. If you
    want to be less dependent on foreign oil, we ought to be drilling for
    oil and gas in environmentally friendly ways here in the United States.
    And if you're concerned about a terrorist attack which could disrupt oil
    supplies, it makes sense for Congress to double the Strategic Petroleum
    Reserve.
        So I hope Congress moves forward on these initiatives, and I'm
    looking forward to working with them. The idea is to diversify our
    energy supply, keep our air clean, and help create new jobs through new
    industries that will meet the demand for alternative sources of energy.
        Fourth, we can make our economy more flexible and dynamic by
    strengthening public education. A strong and vibrant education system is
    vital to maintaining America's competitive edge in the world. A strong
    and vibrant education system will ensure that every citizen can share in
    this Nation's prosperity.
        I know some of our citizens worry about the fact that our dynamic
    economy is leaving working people behind. We have an obligation to help
    ensure that every citizen shares in this country's future. The fact is
    that income inequality is real; it's been rising for more than 25 years.
    The reason is clear: We have an economy that increasingly rewards
    education and skills because of that education. One recent study of male
    earnings showed that someone with a college degree earns about 72
    percent more than someone with a high school diploma. The earnings gap
    is now twice as wide as it was in 1980, and it continues to grow. And
    the question is whether we respond

    [[Page 88]]

    to the income inequality we see with policies that help lift people up
    or tear others down. The key to rising in this economy is skills, and
    the Government's job is to make sure we have an education system that
    delivers them.
        And that's why I think one of the most important economic
    initiatives of my Presidency has been the No Child Left Behind Act. The
    philosophy behind No Child Left Behind says: We're going to spend
    Federal money, but we expect you, at the local level, to deliver
    results. In other words, we've insisted upon accountability. I
    understand some people don't like accountability, but how can you make
    sure if our kids are getting the foundation for the skills necessary to
    compete in the 21st century unless you measure? And when you measure and
    find failure, correct problems early, before it's too late.
        The No Child Left Behind Act is working. There's an achievement gap
    in America that's not fair, and it's not right, and it's beginning to
    close. You know how I know? Because we're measuring. This good law is
    working, and the Congress needs to reauthorize it.
        The agenda to strengthen education and make America more competitive
    extends beyond the primary grades. And that's why I proposed, and I'm
    working with the Congress to pass, the American Competitiveness
    Initiative. That means we're going to improve math and science education
    in the middle schools and high schools. You can't compete in the 21st
    century unless we're educating young engineers and physicists and
    chemists, unless we have--our kids have the skills necessary to fill the
    jobs of the 21st century.
        I also believe it's a vital role for the Federal Government to spend
    money on basic scientific research. And so I've called upon Congress to
    double the funding for basic scientific research at the National
    Institute of Standards and Technology labs or the Department of Energy's
    Office of Science or the National Science Foundation. In other words,
    there's things we can do in Washington to put good policies in place to
    make sure that we stay on the cutting edge of change and, at the same
    time, educate our kids so they can take advantage of the world we're in.
        I believe--and I appreciate Congress's expanding Pell grants. It's a
    strong initiative I support. Pell grants are a good way to help our poor
    students go to college. And I'm a big believer in the community college
    system here in America; community colleges work. They're available, and
    they're affordable, and they have the capacity to change curriculum to
    meet the needs of the local workforce. And it makes sense for the
    Federal Government to support community colleges for this reason: It
    doesn't take much additional education to gain a new skill set so you
    can find jobs in this 21st century.
        Now let me give you an example. I went to Anne Arundel Community
    College in Maryland, and I met Jeanetta Smith. She used to work in the textile industry. She left
    to study nursing. She recognized that in nursing, she could make a
    better living for her family and herself. And so she went to a community
    college, and she got some low-interest loans to help her, and she became
    a registered nurse. With a little bit of extra education and some help,
    she went to the community college, and she's now making three times what
    she did in her old job. Education enables one to gain new skills
    necessary to fill the jobs that are coming in the 21st century. She said
    about her new career: ``It's been very, very good. The opportunities are
    boundless.'' And that's what we want people saying in America: ``I have
    got the skill set to be able to say, the opportunities are boundless.''
        America's businesses have responsibilities here in America; I know
    you know that. A free and vibrant economy depends on public trust.
    Shareholders should know what executive compensation packages look like.
    I appreciate the fact that the SEC has issued new rules to ensure that
    there

    [[Page 89]]

    is transparency when it comes to executive pay packages. The print ought
    to be big and understandable. When people analyze their investment, they
    ought to see loud and clear--they ought to be able to see with certainty
    the nature of the compensation packages for the people entrusted to run
    the companies in which they've got an investment.
        Government should not decide the compensation for America's
    corporate executives, but the salaries and bonuses of CEOs should be
    based on their success at improving their companies and bringing value
    to their shareholders. America's corporate boardrooms must step up to
    their responsibilities. You need to pay attention to the executive
    compensation packages that you approve. You need to show the world that
    America's businesses are a model of transparency and good corporate
    governance.
        One New Yorker who understands corporate responsibility is a fellow
    named John Duffy. John Duffy grew up in the
    Bronx. He became CEO of a Manhattan investment and research firm called
    Keefe, Bruyette, and Woods. On September the 11th, KBW had its offices
    in the South Tower of the World Trade Center. That day, the firm lost 67
    people, including John's 23-year-old son. Many thought KBW was finished,
    but not John Duffy. He moved his company to temporary offices. He paid
    out $40 million to the families of the employees the firm lost. He set
    up a charitable trust to help them with medical bills and college
    expenses. And he rebuilt his business. Last year, KBW went public, and
    now the firm has twice as many employees as it did on September the
    11th.
        I want the people to listen to what John Duffy said: ``If that day was our final day, it would have meant
    that the bad guys had won. Our way to fight back was to keep going.'' It
    says something about John Duffy that the terrorist attacks only made him
    more determined to succeed. It says something about New York that there
    are countless stories, like KBW's, of hard-working men and women who
    picked themselves up and rebuilt bigger and better than before. It says
    something about America that we continue to produce citizens who come
    back from adversity and create new opportunity for themselves and for
    others.
        And this is the true strength of our economy. That's what makes us
    the economic leader of the world. And that's why I'm confident that we
    can remain that economic leader, because we're a nation of dreamers and
    doers and believers, God-fearing, decent, honorable people. And I'm
    proud to be the President of such a nation. God bless.

    Note: The President spoke at 11:12 a.m. at Federal Hall. In his remarks,
    he referred to Mayor Michael R. Bloomberg of New York City; William C.
    Rudin, chairman, Association for a Better New York; and former Mayors
    David N. Dinkins and Edward I. Koch of New York City. The Office of the
    Press Secretary also released a Spanish language transcript of these
    remarks.