CHAIRMAN ALAN GREENSPAN SWORN IN FOR FOURTH FOUR-YEAR TERM.

Alan Greenspan took the oath of office on June 20, 2000, as Chairman of the Board of Governors of the Federal Reserve System for a fourth four-year term. On January 4, 2000, President Clinton announced the renomination of Dr. Greenspan as Board Chairman. The appointment was confirmed by the Senate on February 3, 2000, and the oath of office was administered in Dr. Greenspan's office by Vice Chairman Roger W. Ferguson, Jr. Dr. Greenspan originally took office on August 11, 1987. The text of President Clinton's January 2000 announcement follows:

THE PRESIDENT:--You're supposed to stand over here today. This is the only time I'm interfering with the independence of the Fed. (Laughter.) You have to come over here.

Good morning. Ladies and gentlemen, the United States is enjoying an extraordinary amount of economic success, for which we are all grateful. It seems clear that it is the result of a convergence of a number of forces: a great entrepreneurial spirit; stunning technological innovations; well-managed businesses; hardworking and productive men and women in our work force; expanding markets for our goods and services; a complete commitment to fiscal discipline; and of course, a Federal Reserve that has made independent, professional, and provably wise judgments about our monetary policy.

Since I took office seven years ago, one of the hallmarks of our economic strategy has been a respect for the independence and the integrity of the Federal Reserve. I have always believed the best way for the Executive Branch to work with the Fed is to let the Chairman and the members do their jobs independently, while we do our job--to promote fiscal discipline, to open markets, to invest in people and technologies.

That has given us strong economic growth with low inflation and low unemployment. Thanks to the hard work of the American people, we now enjoy the longest peacetime expansion in our history. In February, it will become the longest economic expansion ever. With productivity high, inflation low and real wages rising, it is more than the stock markets which have boomed. This has helped ordinary people all over America.

We have a 30-year low in unemployment, a 32-year low in welfare, a 20-year low in poverty rates, the lowest African-American and Hispanic unemployment rates ever recorded, the lowest female unemployment rate in 40 years, the lowest single-parent household poverty in 46 years.

Clearly, wise leadership from the Fed has played a very large role in our strong economy. That is why, today, I am pleased to announce my decision to renominate Alan Greenspan as Chairman of the Federal Reserve Board. For the past 12 years, Chairman Greenspan has guided the Federal Reserve with a rare combination of technical expertise, sophisticated analysis, and old-fashioned common sense. His wise and steady leadership has inspired confidence, not only here in America, but all around the world.

I believe the productive, but appropriate relationship that our administration has enjoyed with the Fed has helped America play a critical and leading role in dealing with the Asian financial crisis and many of the other things that we have faced over the last seven years.

Chairman Greenspan's leadership has always been crucial to these successes. With his help, we were able, also, last year to enact historic financial reform legislation, repealing Glass-Steagall and modernizing our financial systems for the 21st century. He was also, I think it's worth noting, one of the very first in his profession to recognize the power and impact of new technologies on the new economy, how they changed all the rules and all the possibilities. In fact, his devotion to new technologies has been so significant, I've been thinking of taking Alan.com public; then, we can pay the debt off even before 2015.

On a more serious note, let me say again -- this Chairman's leadership has been good not just for the American economy and the mavens of finance on Wall Street, it has been good for ordinary Americans. Even though my staff makes sure that I never give Chairman Greenspan advice, they have not been able to stop me from asking him for his advice. So I would also like to thank him for the many conversations we've had over the last seven years in our ongoing attempt to understand this amazing and ever-changing economy.

Finally, I would like to thank him for his willingness to serve another term. After these years of distinguished public service and at a pinnacle of success, he could be forgiven if he were willing to walk away to a more leisurely and, doubtless, more financially lucrative life. His continued devotion to public service should be a cause of celebration in this country and around the world, and it's something for which I am very grateful.

Mr. Chairman?

CHAIRMAN GREENSPAN: -- Mr. President, I first wish to express my deep appreciation to you for the confidence that you've shown in me over the years. And I look forward to Senate consideration.

The Federal Reserve has been a remarkable institution with which to work, and, as I've indicated to you inside, I must say I've enjoyed every minute of it. It's really been an extraordinary challenge, and especially for an economist who likes to get into the nitty-gritty of every statistic you've ever seen.

My colleagues and I have been very appreciative of your support of the Fed over the years, and your commitment to fiscal discipline, which, as you know, and indeed have indicated, has been instrumental in achieving what in a few weeks, as you pointed out, will be the longest economic expansion in the nation's history.

Your economic policy staff has been exceptional, in my view. I've especially enjoyed working with Lloyd Bentsen, Bob Rubin, and now Larry Summers. These are all superb human beings, as well as first-rate professionals. The same goes for the rest of your economic advisors, Mr. President -- Gene Sperling, and Martin Baily and his colleagues.

Again, Mr. President, thank you. I look forward to working with you in the future. And I must say you have been a good friend to America's central bank. Thank you, sir.

THE PRESIDENT: -- Thank you.