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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.)