Bill Clinton: “A stable monetary system is the platform upon which any efforts for economic renewal must be built. My administration…”

“A stable monetary system is the platform upon which any efforts for economic renewal must be built. My administration recognized that our first task was to put our fiscal house in order, so that an ever-growing Federal budget deficit did not absorb capital and slow economic growth. I believe that we have now put our Nation on the path to sustainable economic growth. The Federal Reserve Board is the critical institution that preserves the stability of our monetary system and the confidence of our markets. The position of Governor of the Federal Reserve Board requires acute sensitivity to the need to strike a careful balance, to prudently manage the money supply and avoid the excesses of inflation, while ensuring that the men and women in our economy have the opportunity to prosper and fulfill their dreams. To fill the vital job of Vice Chairman of the Federal Reserve, I am delighted to nominate Dr. Alan Blinder, currently a member of the Council of Economic Advisers. Dr. Blinder is one of the world's most respected macroeconomists. He is an expert on fiscal and monetary policy and productivity, has served as chairman of the economics department at Princeton, authored countless articles and books, including one of the Nation's top textbooks, ``Economic Principles and Policy,'' which he coauthored with William Baumol. Alan has been an integral part of my economic team over the last 15 months.…”