[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.