*EPF415 12/12/2002
Transcript: Bush Names Investment Banker Friedman as Top Economic Advisor
(Former chairman of Goldman, Sachs to lead National Economic Council) (850)

President Bush has named investment banker Stephen Friedman to replace Lawrence Lindsey as assistant to the president for economic policy and director of the National Economic Council.

Friedman "[is] an innovative economic thinker, he's a proven manager, and he's a business leader of national standing," Bush said December 12 during a brief news conference to introduce the newest member of his economic team.

For his part, Friedman said he was committed to working in the Bush administration to "increase the momentum of the recovery" from the recent recession.

Friedman has an extensive background in enterprise, finance, and public service, according to the White House. He spent 28 years with the investment bank Goldman Sachs & Company, where he served as co-chairman from 1990 to 1992, and chairman and senior partner from 1992 to 1994. He is currently a senior principal at the investing firm Marsh & McLennan Capital.

Friedman's record of public service includes his membership on the President's Foreign Intelligence Advisory Board. He served on the Presidential/Congressional Commission on the Roles and Capabilities of the U.S. Intelligence Community and was chosen to lead a task force on modernizing financial management at the Pentagon, according to a White House biography.

With the Friedman selection, Bush has named replacements for two top economic policymakers -- Treasury Secretary Paul O'Neill and National Economic Council Director Lindsey -- who announced their resignations on December 6.

Bush on December 9 announced that he would nominate railroad executive John Snow, chairman of CSX Corporation, to replace O'Neill.

Following is the White House transcript of the Bush/Friedman news conference:

(begin transcript)

The White House
Office of the Press Secretary

Remarks by the President in Announcing Stephen Friedman as Assistant to the President for Economic Policy and Director of the National Economic Council

December 12, 2002
The Roosevelt Room

THE PRESIDENT: Good afternoon. I'm pleased to introduce the newest member of my economic team, Mr. Steve Friedman. Welcome, Steve. I also want to welcome Barbara and Susie and Caroline and David and Sam. We're glad you all are here, and thank you for your sacrifice.

Steve Friedman has spent a career at the Center of American Enterprise and Finance and Job Creation. He's an innovative, economic thinker; he's a proven manager; and he's a business leader of national standing. He has served the country as a member of the President's Foreign Intelligence Advisory Board, and as chairman of a task force on modernizing financial management at the Pentagon.

Steve is a graduate of Cornell University, and he holds a law degree from Columbia University, and serves as Chairman Emeritus of that university's board.

I'm delighted that Steve will be joining the White House staff as Assistant to the President for Economic Policy and Director of the National Economic Council.

He replaces a dear friend, Larry Lindsey. I appreciate so very much Larry's service to our country. He has a distinguished career here in the White House. He's earned the respect of the President and everybody who has worked with him.

I selected Steve for his wide experience, and steady and sound judgment. He understands the free enterprise system. He knows how the economy works. And he shares my objectives for stronger economic growth, high standards of corporate integrity, more small businesses across our nation, and greater trade across the world.

I will work with Steve and others on a growth and jobs package that we will present to the new Congress. In order to continue our economic recovery, we will propose further steps to add new jobs, reduce the burden on our taxpayers and to strengthen investor confidence. Our economy is strong, and we're going to make it even stronger. It's important work, and Steve Friedman will be a key member of our team. And I'm pleased to welcome him to full-time public service.

Thank you very much, Steve. Appreciate it.

MR. FRIEDMAN: Thank you so much, Mr. President. Thank you. Mr. President, I have been deeply impressed by our leadership of our nation, and I am honored to join your economic team. I know the other members of your team personally, or by the great respect they've earned in their distinguished careers. I look forward to working with them to achieve the goals of greater growth for the American economy and more jobs for the American people.

As you've said, growth has returned to the American economy. We must increase the momentum of the recovery. Your administration entered office facing a recession. Your economic policies helped make it one of the shortest on record. Still, we must address pressure on family budgets and savings, the need to create more jobs, slow growth in our overseas export markets and disappointing business investment.

Faced with these challenges, I strongly share your conviction, sir, that now is the time for a robust growth and jobs policy. I also share your great confidence in the energy, the resilience and the creativity of American workers and businesses. Now is the time to help them achieve their full potential.

I thank you, sir, for having me serve.

THE PRESIDENT: You're welcome. I'm glad you're here. Thank you all for coming.

END

(end transcript)

(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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