Good afternoon. Over the past five years, America has fought its way
back from the worst recession since the Great Depression. We passed
historic reforms to prevent another crisis and to protect consumers.
Over the past three and half years, our businesses have created 7.5
million new jobs. Our housing market is rebounding. Manufacturing is
growing. The auto industry has come roaring back. And since I took
office, we’ve cut the deficit in half.
I think everybody understands we’ve still got a lot of work to do to
rebuild the middle class, but we've made progress. And we shouldn’t do
anything to threaten that progress -- for these hard-won gains have made
a difference to millions of Americans. And, in part, we can thank the
extraordinary grit and resilience of the American people; in part, we
can thank the dynamism of our businesses. But a lot of it also has to
do with the choices we’ve made as a nation to create more jobs and more
growth. And one of the most important contributors to this whole
process has been the Federal Reserve, under the strong leadership of Ben
Bernanke.
For nearly eight years, Ben has led the Fed through some of the most
daunting economic challenges of our lifetime. For some time now he’s
made it clear that he intends to finish his service as chairman at the
end of his term, which is this January. So, today I just want to take a
minute to pay tribute to Ben for his extraordinary service. But I also
want to announce my choice for the next chair of the Federal Reserve,
one of the nation’s foremost economists and policymakers -- current Vice
Chairman Janet Yellen.
After I became President, I was proud to nominate Ben for a second
term. And while the Fed is, and must always be, independent, I want you
to know, Ben, I'm personally very grateful to you for being such a
strong partner in helping America recover from recession.
Perhaps it’s no surprise -- as the son of a pharmacist and a school
teacher -- that Ben Bernanke is the epitome of calm. And against the
volatility of global markets, he’s been a voice of wisdom and a steady
hand. At the same time, when faced with a potential global economic
meltdown, he has displayed tremendous courage and creativity. He took
bold action that was needed to avert another Depression -- helping us
stop the free fall, stabilize financial markets, shore up our banks, get
credit flowing again.
And all this has made a profound difference in the lives of millions of
Americans. A lot of people aren't necessarily sure what the chairman
of the Federal Reserve does, but thanks to this man to the left of me,
more families are able to afford their own home; more small businesses
are able to get loans to expand and hire workers; more folks can pay
their mortgages and their car loans. It’s meant more growth and more
jobs.
And I’d add that with his commitment to greater transparency and
clarity, he’s also allowed us to better understand the work of the Fed.
Ben has led a new era of “Fedspeak” and been a little more clear about
how the system works. And that is good for our democracy.
And I have to tell you, as I travel around the world, the job of the
Fed chair is not just our top monetary policymaker. The world looks to
the American Fed chair for leadership and guidance. And the degree to
which Ben is admired and respected, and the degree to which central
bankers all across the world look to him for sound advice and smart
policymaking is remarkable. He has truly been a stabilizing force not
just for our country, but for the entire world. And I could not be more
grateful for his extraordinary service.
And so, Ben, to you and your wife Anna, and your children Joel and
Alyssa, I want to thank you for your outstanding service. Thank you so
much. (Applause.)
Now, as I’ve said, the decision on who will succeed Ben is one of the
most important economic decisions that I’ll make as President -- one of
the most important appointments that any President can make -- because
the chair of the Fed is one of the most important policymakers in the
world, and the next chair will help guide our economy after I’ve left
office.
I’ve considered a lot of factors. Foremost among them is an
understanding of the Fed’s dual mandate -- sound monetary policy to make
sure that we keep inflation in check, but also increasing employment
and creating jobs, which remains our most important economic challenge
right now.
And I’ve found these qualities in Janet Yellen. She’s a proven leader
and she’s tough -- not just because she’s from Brooklyn. (Laughter.)
Janet is exceptionally well-qualified for this role. She’s served in
leadership positions at the Fed for more than a decade. As Vice Chair
for the past three years, she’s been exemplary and a driving force of
policies to help boost our economic recovery.
Janet is renowned for her good judgment. She sounded the alarm early
about the housing bubble, about excesses in the financial sector, and
about the risks of a major recession. She doesn’t have a crystal ball,
but what she does have is a keen understanding about how markets and the
economy work -- not just in theory but also in the real world. And she
calls it like she sees it.
Janet also knows how to build consensus. She listens to competing
views and brings people together around a common goal. And as one of her
admirers says, “She’s the kind of person who makes everybody around her
better.” Not surprisingly, she is held in high esteem by colleagues
across the country and around the world who look to the United States,
as I said, and the Fed for leadership.
Janet is committed to both sides of the Fed’s dual mandate, and she
understands the necessity of a stable financial system where we move
ahead with the reforms that we've begun -- to protect consumers, to
ensure that no institution is too big to fail, and to make sure that
taxpayers are never again left holding the bag because of the mistakes
of the reckless few.
And at the same time, she’s committed to increasing employment, and she
understands the human costs when Americans can’t find a job. She has
said before, “These are not just statistics to me. The toll is simply
terrible on the mental and physical health of workers, on their
marriages, on their children.” So Janet understands this. And
America’s workers and their families will have a champion in Janet
Yellen.
So, Janet, I thank you for taking on this new assignment. And given
the urgent economic challenges facing our nation, I urge the Senate to
confirm Janet without delay. I am absolutely confident that she will be
an exceptional chair of the Federal Reserve. I should add that she’ll
be the first woman to lead the Fed in its 100-year history. And I know a
lot of Americans -- men and women -- thank you for not only your
example and your excellence, but also being a role model for a lot of
folks out there.
It’s been said that Janet found love at the Federal Reserve --
literally. (Laughter.) This is where she met her husband George, a
celebrated economist in his own right. And their son Robert is an
economist as well. So you can imagine the conversations around the
dinner table might be a little different than ours. (Laughter.) In
fact, I’ve been told their idea of a great family vacation is the beach
-- with a suitcase full of economics books. (Laughter.) But this is a
family affair. We thank George and Robert for their support as Janet
begins this journey.
Again, I want to thank Ben Bernanke for the outstanding work that he’s
done, and obviously he will continue to help keep our economy moving
forward during the remainder of his tenure here. So we'll probably have
occasion for additional good-byes. And I know that Janet is very much
counting on him to give some good advice as she moves into the chairman
spot.
But with this, I’d like to give Janet a chance to say a few words. (Applause.)
DR. YELLEN: Thank you, Mr. President. I'm honored and humbled by the
faith that you’ve placed in me. If confirmed by the Senate, I pledge to
do my upmost to keep that trust and meet the great responsibilities
that Congress has entrusted to the Federal Reserve -- to promote maximum
employment, stable prices, and a strong and stable financial system.
I'd also like to thank my spouse, George, and my son, Robert. I
couldn't imagine taking on this new challenge without their love and
support.
The past six years have been tumultuous for the economy and challenging
for many Americans. While I think we all agree, Mr. President, that
more needs to be done to strengthen the recovery, particularly for those
hardest hit by the Great Recession, we have made progress. The economy
is stronger and the financial system sounder.
As you said, Mr. President, considerable credit for that goes to
Chairman Bernanke, for his wise, courageous and skillful leadership. It
has been my privilege to serve with him and learn from him.
While we have made progress, we have farther to go. The mandate of the
Federal Reserve is to serve all the American people, and too many
Americans still can't find a job and worry how they’ll pay their bills
and provide for their families. The Federal Reserve can help if it does
its job effectively. We can help ensure that everyone has the
opportunity to work hard and build a better life. We can ensure that
inflation remains in check and doesn’t undermine the benefits of a
growing economy.
We can, and must, safeguard the financial system.
The Fed has powerful tools to influence the economy and the financial
system. But I believe its greatest strength rests in its capacity to
approach important decisions with expertise and objectivity, to
vigorously debate diverse views and then to unite behind its response.
The Fed’s effectiveness depends on the commitment, ingenuity and
integrity of the Fed staff and my fellow policymakers. They serve
America with great dedication.
Mr. President, thank you for giving me this opportunity to continue
serving the Federal Reserve and carrying out its important work on
behalf of the American people. (Applause.)
END 3:29 P.M. EDT
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