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Skriven 2006-07-10 23:34:18 av Whitehouse Press (1:3634/12.0)
Ärende: Press Release (0607104) for Mon, 2006 Jul 10
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President Bush Participates in Swearing-In Ceremony for Secretary of the
Treasury Henry Paulson
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For Immediate Release
Office of the Press Secretary
July 10, 2006

President Bush Participates in Swearing-In Ceremony for Secretary of the
Treasury Henry Paulson
Department of the Treasury
Washington, D.C.

President's Remarks view

˙˙˙˙˙ President's Cabinet

11:15 A.M. EDT

THE PRESIDENT: Thank you all. Please be seated. Thanks for coming. Good
morning. Thank you for being here. I'm pleased to be here at the Department
of the Treasury to stand in one of its most historic rooms. A hundred years
ago, the vaults of the Cash Room were stacked from floor to ceiling with
bank notes and coins and bullion -- right here in this room. Today there is
no longer any cash in this room; there's a lot of talent in this room. But
this historic space reminds us of our responsibility to treat the people's
money with respect. And in a few moments, Chief Justice John Roberts will
swear in a man that every American can have faith in -- Hank Paulson.
(Applause.)

Hank comes to his position with a lifetime of experience in business and
finance. He has an intimate knowledge of global markets. He will work to
keep this economy of ours competitive and growing, and he will work to
ensure fair treatment for America's goods and services across the world.

We welcome his family here -- his wife, Wendy, and his mom, Marianna; his
son Merritt, and daughter Amanda; and the other members of the Paulson
family who have joined us. Thanks for coming. We join them in
congratulating Hank as he is sworn in as America's 74th Secretary of the
Treasury.

I appreciate the Chief Justice joining us today. I appreciate the members
of my Cabinet who are here to welcome your new colleague. I want to thank
Deputy Secretary Bob Kimmitt, and all the folks who work here at the
Department of Treasury. You're getting a good boss. You're getting somebody
you can work with and respect.

I appreciate the Chairman of the U.S. Federal Reserve -- Chairman Bernanke
is with us. Thanks for coming, Ben. Mind if I still call you, Ben?
(Laughter.) I appreciate the House Majority Leader, John Boehner, joining
us. Thanks for coming, John. I appreciate the ranking member of the House
Budget Committee, Congressman John Spratt. Thanks for coming, John. I
appreciate you all joining us here today. I want to thank my friend, Don
Evans, former Secretary of the Commerce, joining us. Welcome.

The Treasury Department is one of the oldest in the federal government, and
every person who leads this department walks in the footsteps of our first
Treasury Secretary, Alexander Hamilton. In more -- in the more than two
centuries since he led this department, his role has expanded and his
responsibilities have increased. Today, the Treasury Secretary is
responsible for policies effecting global financial markets, international
trade and investment, taxes and spending, and other issues of vital
importance to America's ability to compete in a worldwide economy. The
Treasury Secretary also oversees the minting of the U.S. currency, the
management of public finances, and the enforcement of important laws,
including our efforts to crack down on terrorist financing.

As Treasury Secretary, Hank Paulson will be my leading policy advisor on a
broad range of domestic and international economic issues, and he will be
the principal spokesman for my administration's economic policies. He is
supremely qualified to take on these important responsibilities. He has
served as chairman and chief executive officer of one of the world's
leading financial firms, the Goldman Sachs Group. His decades of experience
have given him a keen insight into the workings of our global economy. As
he showed in his Senate confirmation hearings, he has the ability to
explain complex economic issues in clear terms. People understand him when
he talks. His nomination received strong bipartisan support. He was
confirmed unanimously by the United States Senate.

Hank is being sworn in in an optimistic time for our country and for our
workers. In the first quarter of 2006, our economy grew at an annual rate
of 5.6 percent. That's the fastest growth in two-and-a-half years. We've
added more than 5.4 million new jobs since August of 2003. The national
unemployment rate is down to 4.6 percent. Consumers and businesses are
confident in the future. Productivity is high. That's leading to higher
wages and a higher standard of living for our people. And I look forward to
working with Hank Paulson to keep this economy growing, and to keep
creating jobs and enhance opportunity for our people.

We have a broad agenda to pursue. Our first challenge is to keep taxes low.
Hank shares my philosophy that the economy prospers when we trust the
American people to save, spend and invest their money as they see fit. Hank
understands that cutting taxes have helped launch the strong economic
expansion that is lifting the lives of millions of Americans. And he will
work with the United States Congress to maintain a pro-growth, low-tax
environment so we can keep our expansion growing.

Our second challenge is to bring federal spending under control. We'll
continue to cut wasteful and unnecessary spending in the annual budget.
Hank Paulson understands we also need to rein in the growth of spending for
entitlement programs, like Social Security and Medicare and Medicaid. We
have a problem with these programs. They're growing fast -- they're growing
at a rate faster than inflation, faster than the economy, and faster than
we can afford. If Congress does not act, these vital programs will be
jeopardized and unfairly burden future generations. And so we'll continue
to call on the Congress to work with us to preserve important programs like
Social Security and Medicare and Medicaid for our children and our
grandchildren.

The third challenge is to expand opportunities for American workers and
businesses to compete in a global economy. Hank understands that the
fastest growing markets for American goods and services are overseas, and
that so long as the playing field is level, American workers and businesses
can compete with anybody. So we will work to open up new markets to
American products, and to ensure that our trading partners play by the
rules and respect intellectual property rights, and maintain market-based
exchange rates for their currencies.

Our fourth challenge is to prevent the federal government from burdening
our economy with excessive regulations that will drive jobs and capital
overseas. As one of the nation's most accomplished investment bankers, Hank
understands how important it is to maintain our openness to foreign
investment, and to keep America an attractive place to do business. So he's
going to be a watchdog to prevent creeping over-regulation that burdens our
economy and costs America jobs.

Our fifth challenge is to keep America competitive by fostering a spirit
that rewards innovation and risk-taking and enterprise. America is the most
innovative nation in the world because our free enterprise system unleashes
the talent and creativity of our people. Hank will be a champion for our
country's small businesses and entrepreneurs. And he's going to work to
ensure that the American Dream is within reach of every one of our
citizens.

As he pursues this agenda, Hank will build on the firm foundation laid by
Secretary John Snow. John is a good fellow, he's a good man and a fine
public servant. And he assumed leadership of this department at a difficult
time for our economy. During his tenure, John oversaw a strong economic
resurgence that created millions of jobs for our families and made
America's economy the fastest growing in the industrialized world.

John has also been an important leader in the war on terror. He directed
the Treasury Department's efforts to crack down on terrorist financing,
including a vital program to track terrorists' use of the international
banking system. John Snow has helped make America safer and more
prosperous, and I'm grateful for his distinguished service.

I'm also grateful that Hank Paulson has agreed to succeed John. He grew up
on an Illinois farm. He rose to one of the highest positions on Wall
Street, and now he's about to be sworn in as the Treasury Secretary of the
United States of America. He's shown his talent and initiative as a leader
in the private sector, and today he's showing his character and patriotism
by leaving his career to serve our country. I'm grateful that Hank has
answered the call to service.

The men and women of this department will have an outstanding leader in
Hank Paulson. I look forward to working with -- welcome him to our Cabinet.
I'm looking forward to working with him for the good of our country. And
now I ask Chief Justice John Roberts to administer the oath. (Applause.)

(Secretary Paulson takes the oath of office.) (Applause.)

SECRETARY PAULSON: Mr. President, thank you for those very kind remarks,
and for giving me an opportunity to serve as America's 74th Treasury
Secretary. I appreciate the trust you have placed in me to lead the
Treasury Department at a time when we must ensure that our economy remains
strong, our markets remain competitive, and our workers have the
opportunity to realize their full economic potential.

To my family -- and especially Wendy, my wife and best friend of 37 years
-- thank you very much for your support as I return to public service after
32 years in the private sector.

Wendy and I are also very pleased to have on stage with us today my mother,
Marianna, our son, Merritt, and our daughter, Amanda. Also here are a
number of very close friends and family members, including my brother,
Dick, and my sister, Kate, and we all -- all of us in our family fondly
remember our late father, Merritt, who was an amateur historian and a real
Alexander Hamilton fan.

Thank you also very much, Chief Justice Roberts, for administering the oath
of office. And thank you to all of my Cabinet colleagues, my friends and
colleagues from Goldman Sachs, members of Congress, and other distinguished
guests, thank you very much for attending this ceremony today.

Now, as I begin my first day at the Treasury Department, I remember those
who have preceded me in this post. Throughout our nation's history, my
predecessors here have helped to build an economy and a financial system
that are the envy of the modern world. Mr. President, I assure you I'm a
hundred percent committed to building on these past achievements and to
doing my very best to ensure that our economy remains the model of
strength, flexibility and openness.

I look forward to working with you in collaboration with your other
economic advisors, my Cabinet colleagues, members of both parties of
Congress, and the great professionals at Treasury. One of my very first
priorities will be forging a close working relationship with Treasury's
career professionals.

Under your leadership, Mr. President, our economy has achieved steady
growth and has created millions of jobs. This growth has been achieved
despite the stiff challenges of terrorist attacks, an economic downturn,
corporate scandals, and devastating natural disasters. And as you've
pointed out, there are still a number of challenges ahead of us and very
important goals to be met.

The American economic system and our workers have always been winners, and
they will continue to win. Our job is to help them do just that. We need to
pursue economic and regulatory policies that are responsive to today's
world and to the challenges and goals you have set forward. And, of course,
as we pursue these goals, we must always remember that the strength of the
U.S. economy is linked to the strength of the global economy. It is very
critical for the United States to remain actively engaged with our economic
partners, and it's in our interest to advance those policies that will help
to build a more prosperous world. Doing so contributes to our economic
progress, as well as our national security.

If we retreat from the global stage, the void is likely to be filled by
those who do not share our commitment to economic reform. Instead, we must
work to expand trade and investment, work to reform and modernize
international financial markets, and be vigilant in identifying and
managing potential financial vulnerability.

Mr. President, thank you again for the nomination, and thank you very much
for coming here today. And now I'm looking forward to getting to work.
Thank you. (Applause.)

END 11:31 A.M. EDT

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