[Weekly Compilation of Presidential Documents Volume 41, Number 43 (Monday, October 31, 2005)]
[Pages 1576-1577]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
 Remarks Announcing the Nomination of Ben S. Bernanke To Be Chairman of 
the Federal Reserve

 October 24, 2005

     The President.  Good afternoon. One of a President's most important 
appointments is Chairman of the Federal Reserve. In our economy, the Fed 
is the independent body responsible for setting monetary policy, for 
overseeing the integrity of our banking system, for containing the risk 
that can arise in financial markets, and for ensuring a functioning 
payment system. Across the world, the Fed is the symbol of the integrity 
and the reliability of our financial system, and the decisions of the 
Fed affects the lives and livelihoods of all Americans.
     To lead this institution, a Chairman must be a person of impeccable 
credentials, sound policy judgment, and character. Today I'm honored to 
announce that I'm nominating Ben Bernanke to be the next Chairman of the 
Federal Reserve.
     Over the course of a career marked by great accomplishment, Ben has 
done path-breaking work in the field of monetary policy, taught advanced 
economics at some of our top universities, and served with distinction 
on the Fed's Board of Governors. He's earned a reputation for 
intellectual rigor and integrity. He commands deep respect in the global 
financial community, and he'll be an outstanding Chairman of the Federal 
Reserve.
     Ben will replace a legend, Alan Greenspan, who will retire when his 
current term runs out at the end of January. For nearly two decades, 
Chairman Greenspan has shepherded our economy through its highs and its 
lows. Under a steady chairmanship, the United States economy has come 
through a stock market crash, financial crises from Mexico to Asia, two 
recessions, corporate scandals, and shocks ranging from devastating 
natural disasters to a terrorist attack in the heart of America's 
financial center.

[[Page 1577]]

     Through all these challenges, Chairman Greenspan's prudent judgment 
and wise policies have kept inflation low. He's played a major role in 
America's strong economic growth. He has dominated his age like no 
central banker in history. He has contributed to a better life for all 
Americans, and I thank him for his service.
     Ben Bernanke is the right man to build on the record Alan Greenspan 
has established. Ben graduated from Harvard with top honors, earned a 
doctorate in economics from Massachusetts Institute of Technology. He's 
built a record of excellence as both an academic and policymaker. He is 
the author of several scholarly books and is one of the most cited 
economists in the world. As Fed Governor, Ben advocated greater 
transparency in communication with the public and markets. His speeches 
were widely admired for their keen insight and clear, simple language.
     Ben's career has also been distinguished by leadership. He was 
chairman of Princeton's economics department, founding director of 
Princeton's Bendheim Center for Finance, and a founding editor of the 
International Journal of Central Banking. Since June, he has served as 
Chairman of the Council of Economic Advisers.
     Ben is also a kind and decent man who is held in high regard by all 
those who've worked with him. He has the support of a strong and loving 
family. I'm pleased to see that Ben's wife, Anna, and his two children, 
Alyssa and Joel, are with us today.
     I want to thank Ben for his willingness to serve in a position so 
important for world markets and so vital to the well being of the 
American people. I urge the Senate to act promptly to confirm Ben 
Bernanke as the 14th Chairman of the Federal Reserve.
     Ben, thanks for serving.

[At this point, Chairman-designate Bernanke made brief remarks.]

     The President.  Congratulations, sir. Thank you, Ben.
     Chairman-designate Bernanke.  Thank you.
     The President.  Mr. Chairman, thank you for being here. I 
appreciate you.
     Chairman Greenspan.  Thank you.
     The President.  Thank you all.

  Note:  The President spoke at 1 p.m. in the Oval Office at the White 
House. The transcript released by the Office of the Press Secretary also 
included the remarks of Chairman-designate Bernanke.