    [Weekly Compilation of Presidential Documents Volume 30, Number 16 (Monday, April 25, 1994)]
    [Pages 888-889]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Statement on Nomination of Governors to the Federal Reserve Board

    April 22, 1994

        A stable monetary system is the platform upon which any efforts for
    economic renewal must be built. My administration recognized that our
    first task was to put our fiscal house in order, so that an ever-growing
    Federal budget deficit did not absorb capital and slow economic growth.
    I believe that we have now put our Nation on the path to sustainable
    economic growth. The Federal Reserve Board is the critical institution
    that preserves the stability of our monetary system and the confidence
    of our markets. The position of Governor of the Federal Reserve Board
    requires acute sensitivity to the need to strike a careful balance, to
    prudently manage the money supply and avoid the excesses of inflation,
    while ensuring that the men and women in our economy have the
    opportunity to prosper and fulfill their dreams.

    [[Page 889]]

        To fill the vital job of Vice Chairman of the Federal Reserve, I am
    delighted to nominate Dr. Alan Blinder, currently a member of the
    Council of Economic Advisers. Dr. Blinder is one of the world's most
    respected macroeconomists. He is an expert on fiscal and monetary policy
    and productivity, has served as chairman of the economics department at
    Princeton, authored countless articles and books, including one of the
    Nation's top textbooks, ``Economic Principles and Policy,'' which he
    coauthored with William Baumol.
        Alan has been an integral part of my economic team over the last 15
    months. He has always expressed his views to me freely, with
    intellectual integrity, force, and clarity. He is a keen intellect who
    reached the top of his profession without losing the common touch or
    ever forgetting the human implications of the often abstract economic
    decisions we in Government must make. He has served as an economic
    conscience in my administration, striving to ensure that our policies
    met the test of rationality and workability for real people.
        I am also pleased to announce my intention to nominate Janet Yellen
    to a full term on the Federal Reserve Board. Dr. Yellen is one of the
    most prominent economists of her generation on the intersection of
    macroeconomics and labor markets. She is also an expert in international
    economics on such issues as the determinants of the balance of trade.
    She was a clear and unanimous choice of my top economic advisers who
    found her to be a top-flight intellect with a pragmatic approach to
    monetary policy and a judicious temperament.
        I am confident that both candidates, if confirmed, will serve this
    Nation with distinction as Governors of the Federal Reserve Board.

    Note: Biographies of the nominees were made available by the Office of
    the Press Secretary.