[Weekly Compilation of Presidential Documents Volume 37, Number 5 (Monday, February 5, 2001)]
[Page 241]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks at the Swearing-In Ceremony for Paul H. O'Neill as Secretary of 
the Treasury

January 30, 2001

    The President. Well, I'm pleased to welcome Nancy O'Neill and the 
O'Neill family here. Thank you all for coming. It's an honor for both 
the Vice President and I to say some words about the Secretary of 
Treasury. With Paul over at the Treasury, he is literally a next door 
neighbor. And I'm going to see a lot of him right here in this office. 
He'll be a valued adviser and a steady hand.
    Secretary O'Neill has served in this office before, at the Office of 
Management and Budget. He understands the workings and responsibilities 
of the executive branch. More than that, he understands the private 
sector, where he and others like him have been driving our country's 
economic boom.
    In a distinguished career, Paul has earned a reputation as a 
straight shooter and an innovator. And I'm proud to welcome him as the 
chief financial officer of this Nation. Paul and I share a great goal: 
to make sure that all Americans can find high paying, high quality jobs. 
And we share a vision of how to get there. Our prosperity depends on 
free trade, less regulation, and America's strong place in our global 
economy. More than ever, American jobs depend on America's standing in 
the world.
    I value Paul's vast experience in the world economy. I value his 
background in employing American workers, and I value his steadiness, 
his conviction, and his authority. We also share a belief that broad, 
responsible tax cuts are an important step we can take to regain the 
momentum of our economy. When we reduce the income tax burden, we must 
do so for everybody who pays taxes.
    When we have a Government surplus, we must prioritize and spend 
responsibly and return some of that surplus to the people who worked for 
it. Because our Government has a surplus does not mean that every 
American family has a surplus. In fact, many families are feeling 
squeezed by high energy prices and credit card debt. We need to give 
them their own money back, to help families manage their own account, to 
pay down their own personal debts.
    Our tax cut will give the biggest percentage reductions to people 
who struggle to get into the middle class and American families who 
struggle to stay there.
    I believe in leaving more dollars with the people who earned them, 
and so does Secretary O'Neill. And I'm proud that those dollars will 
soon bear the signature of Secretary Paul O'Neill.
    Congratulations, Mr. Secretary.

[At this point, Treasury Secretary O'Neill made brief remarks.]

    The President. Mr. Secretary, thank you.
    Why don't we have a family picture, too, if you'd like one. Come on 
up.

Note: The President spoke at 12:06 p.m. in the Oval Office at the White 
House. In his remarks, he referred to Nancy O'Neill, wife of Secretary 
O'Neill. The transcript released by the Office of the Press Secretary 
also included the remarks of Secretary O'Neill.