President
Barack Obama
Remarks
on
the
Nomination
of
Secretary
of
the Treasury
East
Room
The
White House
January
10,
2013
[White House Transcript]
1:40 P.M. EST
THE
PRESIDENT: Good afternoon, everybody. Please have a
seat. A little
more than four years ago, I stood with Mr. Tim Geithner and announced
him as my first nominee to
my Cabinet. We were barely two months into the financial
crisis. The
stock market had cratered. The housing market had cratered as
well.
Bank after bank was on the verge of collapse. And worst of all,
more
than 800,000 Americans would lose their jobs
in just that month. And the bottom was not yet in sight.
So
I couldn’t blame Tim when he tried to tell me he wasn’t the right guy
for the job. (Laughter.) But I knew that Tim’s extensive
experience
with economic policy made him
eminently qualified, and I also knew that he could hit the ground
running. As Chairman of the New York Federal Reserve, he had just
spent several sleepless and chaotic weeks immersed in the complexities
of the crisis, and had been working closely with his
Republican predecessor at Treasury to save the financial system.
Then,
with the wreckage of our economy still smoldering and unstable, I asked
Tim to help put it back together. And thanks in large part to his
steady hand, our economy has
been growing again for the past three years, our businesses have
created nearly 6 million new jobs. The money that we spent to
save the
financial system has largely been paid back. We’ve put in place
rules
to prevent that kind of financial meltdown from
ever happening again. An auto industry was saved. We made
sure
taxpayers are not on the hook if the biggest firms fail again.
We’ve
taken steps to help underwater homeowners come up for air, and open new
markets to sell American goods overseas. And we’ve
begun to reduce our deficit through a balanced mix of spending cuts and
reforms to a tax code that at the time that we both came in was too
skewed in favor of the wealthy at the expense of middle-class
Americans.
So
when the history books are written, Tim Geithner is going to go down as
one of our finest Secretaries of the Treasury. (Applause.)
All right, don't embarrass him. (Laughter.)
On
a personal note, Tim has been a wonderful friend and a dependable
advisor throughout these last four years. There’s an unofficial
saying
over at Treasury -- “no peacocks,
no jerks, no whiners.” That would be a good saying for all of
Washington -- (laughter) -- "no peacocks, no jerks, no whiners."
Few
embody that ideal better than Tim Geithner. That’s why, when Tim
was
thinking about leaving a couple of years ago -- (laughter)
-- I had to personally get on my knees with Carole to help convince him
to stay on a little bit longer. And I could not be more grateful
to
Carole and the entire Geithner family for allowing him to make the
sacrifices that so many of our Cabinet members ask
of their families in serving the country.
The
fact is, while a lot of work remains, especially to rebuild a strong
middle class and offer working folks new pathways to rise into the
middle class, our economy is better
positioned for tomorrow than most of those other countries hit by the
financial crisis. The tough decisions Tim made and carried out
deserve
a lot of credit for that. So I understand that Tim is ready for a
break. Obviously, we're sad to see him go. But
I cannot think of a better person to continue Tim's work at Treasury
than Jack Lew.
This
is bittersweet not only because Tim is leaving, but also because Jack
has been my Chief of Staff for the last year. He was my budget
director before that. I trust his
judgment. I value his friendship. I know very few people
with greater
integrity than the man to my left. And so I don’t want to see him
go
because it's working out really well for me to have him here in the
White House. But my loss will be the nation’s
gain.
Jack
has the distinction of having worked -- and succeeded -- in some of the
toughest jobs in Washington and the private sector. As a
congressional
staffer in the 1980s,
he helped negotiate the deal between President Reagan and Tip O’Neill
to save Social Security. Under President Clinton, he presided
over
three budget surpluses in a row. So for all the talk out there
about
deficit reduction, making sure our books are balanced,
this is the guy who did it -- three times. He helped oversee one
of
our nation’s finest universities and one of our largest investment
banks.
In
my administration, he has managed operations for the State Department
and the budget for the entire executive branch. And over the past
year, I’ve sought Jack’s advice
on virtually every decision that I’ve made, from economic policy to
foreign policy.
One
reason Jack has been so effective in this town is because he is a
low-key guy who prefers to surround himself with policy experts rather
than television cameras. And
over the years, he’s built a reputation as a master of policy who can
work with members of both parties and forge principled
compromises.
And
maybe most importantly, as the son of a Polish immigrant, a man of deep
and devout faith, Jack knows that every number on a page, every dollar
we budget, every decision we make has to be
an expression of who we wish to be as a nation, our values. The
values
that say everybody gets a fair shot at opportunity and says that we
expect all of us to fulfill our individual obligations as citizens in
return. So Jack has my complete trust. I know
I'm not alone in that.
In
the words of one former senator, “Having Lew on your team is the
equivalent as a coach of having the luxury of putting somebody at
almost any position and knowing he will do well.” And I
could not agree more. So I hope the Senate will confirm him as
quickly
as possible.
I
want to personally thank both of these men and their families,
especially Carole and Ruth, for their extraordinary service to our
country.
And with that, I'd like to invite them to say
a few words, starting with Tim.
SECRETARY GEITHNER: Mr. President, it's been a privilege to serve
you. I'm honored and grateful that you asked me to do this,
really I
am. And I'm very proud of what my colleagues at Treasury
and your economic team was able to help you accomplish these first four
years.
When you stepped into this building as President, you were confronted
with a world in crisis, the worst crisis in generations. And you
made
the necessary, the hard, the politically perilous
choices that saved the American people, saved American industry, saved
the global economy from a failing financial system. And your
successful response to the crisis of course did not solve all the
nation's challenges. It could not have done so. But the
actions you took along with those of a forceful and creative Federal
Reserve have made the country stronger and have put us in a much better
position to face the many challenges still ahead of us -- and they are
many.
I
have the greatest respect for Jack Lew. I know him as a man of
exceptional judgment, calm under pressure, with an extraordinary record
of accomplishment and experience over decades spent at
the center of American economic policy. He's committed to
defending
the safety net for the elderly and the poor. He understands what
it
takes to create the conditions for stronger economic growth and broader
economic opportunity. And he understands that
to govern responsibly is to govern with a recognition that we have
limited fiscal resources.
Now, like Jack, I've spent my professional life in this world of public
policy and public service. And as all of you know, our families
carry
a large share of the burdens we assume in public
life. And I feel incredibly fortunate that my wife Carole and my
family have been willing to allow me to do this. And I thank them
for
their support and their patience. And I understand their
occasional
impatience. (Laughter.)
I
want to express my admiration and my appreciation for the women and the
men of the Treasury Department. Those who came to serve you these
years of crisis and the civil servants of the Treasury
with whom I first started working in 1988, they are exceptionally
talented and honorable public servants. I'm very proud of what
they
have helped you accomplish. And I am confident that my successor
will
find them the extraordinary asset they are to the
nation.
And
I also hope that Americans will look at the challenges we face today
and decide, as many of you in this room have, that in spite of the
divisive state of our political system today that serving
your country is compelling and rewarding work. That was my
experience,
and I am grateful and will always be grateful to you for having given
me the opportunity to serve you as the 75th Secretary of the
Treasury.
(Applause.)
MR.
LEW: Mr. President, it has been my honor to serve as your Chief
of
Staff and before that at OMB and the State Department. It’s
really
been a privilege to come to work every day as part
of a team that’s dedicated to building a sound economy and a safer
world.
Tim, you have been a friend and a colleague for many years -- actually,
decades -- and the American people are better off for your outstanding
service. And I thought I knew you pretty well,
but it was only yesterday that I discovered that we both share a common
challenge with penmanship. (Laughter.) Tim, I join the
President and
everyone here in wishing you and Carole and your whole family well.
As
a kid growing up in Queens, I had dreams of making a difference in the
world. These dreams were nurtured in a home where the gifts of
American freedom and opportunity were cherished and never
taken for granted, and the responsibility to engage in issues of public
concern were part of daily life. I will always be grateful to my
parents for grounding me in the values that have remained central to my
personal and professional life.
I
grew up professional in the office of Speaker O’Neill, whose compass
was always clear and who demanded unvarnished advice on how best to
reach the desired destination. Mr. O’Neill cared little
about your age or rank, and only about whether or not you did the hard
work to inform the decisions of the day. And he took a big chance
giving a lot of responsibility to a very young man, and for that I’ll
always be thankful.
Serving at OMB first under President Clinton and more recently in this
administration, I worked with one of the finest teams in the government
to execute a responsible fiscal policy while advancing
policies to promote economic growth. I’m delighted to see so many
of
my friends from OMB here today.
At
the State Department, I worked closely with our great Secretary of
State and my friend, Hillary Clinton, to advance our nation’s national
security agenda, including our international economic
policies.
And
as Chief of Staff, I’ve had the pleasure of working with a tremendously
talented White House team, which manages policy, politics,
communications, and complex operations every day with grace,
skill, and loyalty.
If
confirmed, I look forward to joining the Treasury Department, whose
people are legendary for their skill and knowledge. It’s a team
that
I’ve collaborated with closely over many years and
have come to respect greatly.
Finally, thank you to Ruth, Shoshi, Danny, Zahava, and the kids for
your endless tolerance with the demands of a schedule that tests all
family patience. And thank you, Mr. President, for your
trust, your confidence, and friendship. Serving in your
administration
has allowed me to live out those values my parents instilled in me, and
I look forward to continuing with the challenges ahead.
(Applause.)
THE
PRESIDENT: These are two outstanding public servants. I
think the
only point that I want to make -- leave you with is the fact that I had
never noticed Jack’s signature -- (laughter) --
and when this was highlighted yesterday in the press, I considered
rescinding -- (laughter) -- my offer to appoint him. Jack assures
me
that he is going to work to make at least one letter legible --
(laughter) -- in order not to debase our currency should
he be confirmed as Secretary of the Treasury.
Thank you very much, everybody.
(Applause.)
END
1:56
P.M. EST