    [Weekly Compilation of Presidential Documents Volume 42, Number 6 (Monday, February 13, 2006)]
    [Pages 194-195]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Remarks at a Swearing-In Ceremony for Ben S. Bernanke as Chairman of the
    Federal Reserve

    February 6, 2006

        Thank you for the warm welcome here at the Federal Reserve. It is
    one of our Government's most vital institutions. And today I
    congratulate a fine man and a distinguished public servant, Dr. Ben
    Bernanke, on becoming the 14th Chairman of the Federal Reserve.
        It's good to be with Anna, Ben's wife, Alyssa and Joel, his sister
    Sharon, and the other members of the Bernanke family. Welcome. Thanks
    for being here. You probably didn't think your brother was going to
    amount to much. [Laughter]
        I'm honored--members of my Cabinet who are here--Secretary Carlos
    Gutierrez, Deputy Secretary Bob Kimmitt. Members of Congress--
    Congressman Oxley, Congressman Frank--thank you all for coming. It's

    [[Page 195]]

    awfully generous of you both to be here. I appreciate Roger Ferguson,
    the Vice Chairman, other members of the Board of Governors; thank you
    for being here as well. Former Chairman Paul Volcker, thanks for coming
    today, sir. I've got something to say about the other former Chairman
    who is here, in a minute. [Laughter]
        Since its creation in 1913, the Federal Reserve has helped bring
    stability and growth to our Nation's economy. Around the world, the Fed
    is a symbol of integrity and reliability. Its decisions set our Nation's
    monetary policy, ensure a sound banking system, and help contain the
    risks that can arrive in our financial markets. The Fed's actions touch
    the lives of all Americans, and the Chairman of the Federal Reserve must
    be a leader of unquestionable credentials, sound judgment, and
    impeccable character. Ben Bernanke meets those high standards, and he
    will be an outstanding Chairman of the Federal Reserve.
        As Chairman, Ben follows in the footsteps of one of America's most
    respected public servants. Alan Greenspan is perhaps the only central
    banker ever to achieve what one publication called ``rock star status.''
    [Laughter] For almost two decades, Chairman Greenspan's prudence and
    wise policies have guided this Nation through major economic challenges,
    have kept inflation in check, and contributed to phenomenal economic
    growth and a better life for all our citizens.
        Recently he said, ``I have only just realized that I have been on
    24-hour call for 18 years.'' Mr. Chairman, you can rest a little easier
    and know that a grateful nation thanks you for your extraordinary
    service.
        Ben Bernanke now takes up Alan Greenspan's mantle. When I announced
    Ben's nomination last October, economists and leaders across the
    political spectrum responded positively. They praised him for his
    unsurpassed academic credentials, broad policy experience, and a
    reputation for consensus-building. The son of a pharmacist and a school
    teacher, Ben graduated from Harvard with top honors and earned a
    doctorate in economics from Massachusetts Institute of Technology. He
    rose through the academic ranks to become the chairman of the economics
    department at Princeton.
        Ben is one of the most cited economists in the world and is
    recognized for his path-breaking work in the field of monetary policy.
    Ben Bernanke also knows the Federal Reserve System. From 2002 to 2005,
    he served with distinction on the Fed's Board of Governors. Since last
    year, he has served as the Chairman of the Council of Economic Advisers
    at the White House. I came to trust his judgment, his calm demeanor, and
    his sly sense of humor. [Laughter]
        Throughout his distinguished career, Ben has earned a reputation for
    intellectual rigor, integrity, and personal decency. He's earned the
    respect of the global financial community. Ben is an economist's
    economist, one of the most esteemed leaders in the field. He understands
    that economics is more than just crunching numbers; good economics
    embraces policies that unleash hope and hard work and the power of free
    people to be able to fashion and improve their lives. Ben Bernanke will
    work every day to keep America's economic prospects strong and
    prosperous. He'll be a superb Chairman.
        Mr. Chairman, thank you for agreeing to serve. Congratulations.

    Note: The President spoke at 10:04 a.m. at the Federal Reserve. In his
    remarks, he referred to former Chairman of the Federal Reserve Paul A.
    Volcker. The transcript released by the Office of the Press Secretary
    also included the remarks of Chairman Bernanke.