    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [June 6, 2008]
    [Pages 761-763]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks at a Swearing-In Ceremony for Steven C. Preston as the Secretary of Housing and Urban Development
    June 6, 2008

        Thank you all. Please be seated. Thank you. Welcome. Thank you. It's
    a--so glad to be here at the Department of Housing and Urban
    Development. And I've come to introduce you to your new boss, Secretary
    Steve Preston. I want to thank

    [[Page 762]]

    Steve's wife Molly,
    five children,
    and his
    mom and dad, Lee and
    Ursula.
        Mr. Secretary, thanks for coming--
    Secretary Kempthorne; and Director John Walters. It's good to see two of your predecessors here, Steve--
    Alphonso Jackson and Jack Kemp. Thank you all for coming.
        This is a time of turbulence in the housing market and slow growth
    for our overall economy. This morning the Labor Department reported that
    our economy lost 49,000 jobs in May and the unemployment rate rose to
    5.5 percent. This rise was caused, in part, by a surge of new, young
    entrants into the job market, but it's clearly a sign that is consistent
    with slow economic growth.
        To help keep this economy growing, we did pass an economic stimulus
    package that provides tax rebates for American families and incentives
    for businesses to invest in new equipment. We're beginning to see the
    signs that the stimulus may be working. And now the Congress needs to
    take the next steps. At a time when Americans are concerned about higher
    gas prices, Congress needs to pass legislation that expands--it will
    allow for the expansion of American energy production.
        In this period of economic uncertainty, the last thing the Americans
    need is a massive tax increase. So Congress needs to send a clear
    message that the tax relief that we passed will be made permanent.
        Unfortunately, these policies are being blocked by the Democratic
    Congress. So I call on congressional leaders to put partisanship aside
    and work with me to enact these important initiatives for the American
    people.
        This Department is also critical to meeting the challenges we face
    in our economy. We need strong leadership in the Secretary's office.
    Steve Preston is the right man for the job. He's a financial expert who
    understands how the housing market impacts our broader economy. He's a
    skilled manager. He's a person of character and integrity.
        Secretary Preston will work to strengthen homeownership with the
    same dedication he brought to his previous job of strengthening the
    American small-business community. As the head of the SBA, Steve
    presided over loan guarantee programs that are similar in structure to
    those run by the Federal Housing Administration. And just as
    entrepreneur across our Nation found a trusted friend in Steve Preston,
    so will America's homeowners.
        Before coming to the SBA, Steve gained valuable financial and
    leadership experience in the private sector. His impressive career has
    taken him from investment banking to senior financial posts at major
    corporations. Wherever he's gone, Steve has earned the admiration of his
    colleagues. He takes on this new challenge with my full confidence and
    my trust.
        Steve takes over for a good man, my
    longtime buddy, Secretary Alphonso Jackson. I thank you for your
    compassion and your hard work. You helped change a lot of lives. And I
    wish you and Marcia all the very best. See
    you back in Texas. [Laughter]
        I also want to thank Deputy Secretary Roy Bernardi for his service. He filled in as the Acting Secretary
    during this transition. He spent nearly 7 years of his life here at this
    Department. And I appreciate your hard work on behalf of all Americans.
        As Steve takes office, his first priority will [be] * to help lead
    my administration's response to the challenges in the housing market.
    We've taken aggressive action to help responsible homeowners to keep
    their homes by giving the FHA greater flexibility to offer refinancing
    options. We're also helping to bring together what's now called the HOPE
    NOW Alliance. By working together, participants in the mortgage industry
    have helped more than 1 million--1\1/2\ million families stay in their
    homes. HOPE

    [[Page 763]]

    NOW is working, but we've got more to do.
    ---------------------------------------------------------------------------
        * White House correction.
    ---------------------------------------------------------------------------
        Yesterday we learned that the foreclosure rates continued to rise in
    the first quarter. So Steve will work with Democrats and Republicans in
    Congress to address this challenge. We need to pass legislation to
    reform Fannie Mae and Freddie Mac. We need to pass legislation to
    modernize the Federal Housing Administration and allow State housing
    agencies to issue tax-free bonds to help homeowners refinance their
    mortgages. By taking these steps, we'll help more responsible homeowners
    weather this rough patch and, at the same time, strengthen the dream of
    homeownership for generations to come.
        I've got confidence that we're going to meet these challenges, and I
    got confidence in the people who work in this Department. I appreciate
    what you do every day to expand the dream of homeownership. I thank you
    for your efforts to provide low-income Americans with access to
    affordable housing. You work hard to make sure our communities are more
    vibrant and hopeful. The United States is fortunate to have such devoted
    public servants in this Department, and I'm grateful for your service.
        You're going to have a worthy leader in Steve Preston. I thank the
    Senate for confirming Steve as your new Secretary. I now ask the Senate
    to confirm the three remaining HUD nominees to help him lead this
    Department.
        Steve, I appreciate your stepping forward to serve your country once
    again. I congratulate you. And now I ask my Chief of Staff, Josh Bolten, to administer the oath of office.

    Note: The President spoke at 1:55 p.m. at the Department of Housing and
    Urban Development. In his remarks, he referred to Marcia Jackson, wife
    of former Secretary of Housing and Urban Development Alphonso R.
    Jackson. The transcript released by the Office of the Press Secretary
    also included the remarks of Secretary Preston.