Mr. Chairman, Senator Sarbanes, and other distinguished members of the Committee, it is an honor and privilege for me to appear before you today as the President’s nominee to be Chairman of the Council of Economic Advisers. I am mindful of the Council’s significant responsibilities in the economic policy process, and I am eager to assume the duties of the position should I be confirmed.
Since my designation as Chairman, I have had the pleasure of visiting with many of you personally, and I look forward to meeting with all of you as your schedules permit. I have enjoyed the occasion to discuss the many economic priorities and opportunities we face in this Congress and the new Administration. Let me assure you that I am committed to a frank and outgoing dialogue with members of Congress. Your input and advice are valuable to me personally and to the workings of the Council.
Before my recent nomination, I served as Russell L. Carson Professor of Economics and Finance at the Graduate School of Business and Department of Economics of Columbia University. While at Columbia University, I also served as a research associate of the National Bureau of Economic Research (in programs on monetary economics, economic fluctuations and growth, public economics, industrial organization, and corporate finance) and as a visiting scholar and director of the Tax Policy Program of the American Enterprise Institute. I have, in the past, worked with committees in both the House and the Senate on a range of economic policy issues, and I have acted as advisor to various government agencies. It is with this background that I come before this Committee to seek confirmation as Chairman of the Council of Economic Advisers.
Our nation today confronts economic opportunities and challenges. Technological change and economic growth have increased living standards. We face the challenge of sustaining the economy’s expansion. Though no single policy can generate the sustained growth and stability of our economy, the Administration is committed to a set of basic principles to achieve this objective.
As Chairman of the Council of Economic Advisers, I will be an advisor to President Bush, Vice President Cheney, and other administration officials on all aspects of economic policy. The Council will provide the soundest possible advice on the major issues of concern to the American people.
Mr. Chairman and Senator Sarbanes, as I have assured you personally, the recommendations of the Council of Economic Advisers will be based on a reasoned and comprehensive view of the economic environment and empirical evidence. We will be diligent in our efforts to continue the nation’s economic growth and in our response to events in the national and international economy.
In closing, I would like to take this opportunity to thank you, Mr. Chairman, and the Committee for the prompt consideration of my nomination. Mr. Chairman, I would be delighted to answer any questions you and the other members of the Committee may have.
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