[Weekly Compilation of Presidential Documents Volume 44, Number 22 (Monday, June 9, 2008)]
[Pages 792-794]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks at a Swearing-In Ceremony for Steven C. Preston as the Secretary 
of Housing and Urban Development

June 6, 2008

    Thank you all. Please be seated. Thank you. Welcome. Thank you. It's 
a--so glad to be here at the Department of Housing and Urban 
Development. And I've come to introduce you to your new boss, Secretary 
Steve Preston. I want to thank Steve's wife, Molly, five children, and 
his mom and dad, Lee and Ursula.
    Mr. Secretary, thanks for coming--Secretary Kempthorne; and Director 
John Walters. It's good to see two of your predecessors here, Steve--
Alphonso Jackson and Jack Kemp. Thank you all for coming.
    This is a time of turbulence in the housing market and slow growth 
for our overall economy. This morning the Labor Department reported that 
our economy lost 49,000 jobs in May and the unemployment rate rose to 
5.5 percent. This rise was caused, in part, by a surge of new, young 
entrants into the job market, but it's clearly a sign that is consistent 
with slow economic growth.
    To help keep this economy growing, we did pass an economic stimulus 
package that provides tax rebates for American families and incentives 
for businesses to invest in new equipment. We're beginning to see the 
signs that the stimulus may be working. And now the Congress needs to 
take the next steps. At a time when Americans are concerned about higher 
gas prices, Congress needs to pass legislation that expands--it will 
allow for

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the expansion of American energy production.
    In this period of economic uncertainty, the last thing the Americans 
need is a massive tax increase. So Congress needs to send a clear 
message that the tax relief that we passed will be made permanent.
    Unfortunately, these policies are being blocked by the Democratic 
Congress. So I call on congressional leaders to put partisanship aside 
and work with me to enact these important initiatives for the American 
people.
    This Department is also critical to meeting the challenges we face 
in our economy. We need strong leadership in the Secretary's office. 
Steve Preston is the right man for the job. He's a financial expert who 
understands how the housing market impacts our broader economy. He's a 
skilled manager. He's a person of character and integrity.
    Secretary Preston will work to strengthen homeownership with the 
same dedication he brought to his previous job of strengthening American 
small-business community. As the head of the SBA, Steve presided over 
loan guarantee programs that are similar in structure to those run by 
the Federal Housing Administration. And just as an entrepreneurs across 
our Nation found a trusted friend in Steve Preston, so will America's 
homeowners.
    Before coming to the SBA, Steve gained valuable financial and 
leadership experience in the private sector. His impressive career has 
taken him from investment banking to senior financial posts at major 
corporations. Wherever he's gone, Steve has earned the admiration of his 
colleagues. He takes on this new challenge with my full confidence and 
my trust.
    Steve takes over for a good man, my longtime buddy, Secretary 
Alphonso Jackson. I thank you for your compassion and your hard work. 
You helped change a lot of lives. And I wish you and Marcia all the very 
best. See you back in Texas. [Laughter]
    I also want to thank Deputy Secretary Roy Bernardi for his service. 
He filled in as the Acting Secretary during this transition. He spent 
nearly 7 years of his life here at this Department. And I appreciate 
your hard work on behalf of all Americans.
    As Steve takes office, his first priority will [be] * to help lead 
my administration's response to the challenges in the housing market. 
We've taken aggressive action to help responsible homeowners to keep 
their homes by giving the FHA greater flexibility to offer refinancing 
options. We're also helping to bring together what's now called the HOPE 
NOW Alliance. By working together, participants in the mortgage industry 
have helped more than 1 million--1\1/2\ million families stay in their 
homes. HOPE NOW is working, but we've got more to do.
    * White House correction.
    Yesterday we learned that the foreclosure rates continued to rise in 
the first quarter. So Steve will work with Democrats and Republicans in 
Congress to address this challenge. We need to pass legislation to 
reform Fannie Mae and Freddie Mac. We need to pass legislation to 
modernize the Federal Housing Administration and allow State housing 
agencies to issue tax-free bonds to help homeowners refinance their 
mortgages. By taking these steps, we'll help more responsible homeowners 
weather this rough patch and, at the same time, strengthen the dream of 
homeownership for generations to come.
    I've got confidence that we're going to meet these challenges, and I 
got confidence in the people who work in this Department. I appreciate 
what you do every day to expand the dream of homeownership. I thank you 
for your efforts to provide low-income Americans with access to 
affordable housing. You work hard to make sure our communities are more 
vibrant and hopeful. The United States is fortunate to have such devoted 
public servants in this Department. And I'm grateful for your service.
    You're going to have a worthy leader in Steve Preston. I thank the 
Senate for confirming Steve as your new Secretary. And now I ask the 
Senate to confirm the three remaining HUD nominees to help him lead this 
Department.
    Steve, I appreciate your stepping forward to serve your country once 
again. I congratulate you. And now I ask my Chief of Staff, Josh Bolten, 
to administer the oath of office.

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Note: The President spoke at 1:55 p.m. at the Department of Housing and 
Urban Development. In his remarks, he referred to Marcia Jackson, wife 
of former Secretary of Housing and Urban Development Alphonso R. 
Jackson. The transcript released by the Office of the Press Secretary 
also included the remarks of Secretary Preston.