Remarks by the President after Regulatory Reform Meeting

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REMARKS BY THE PRESIDENT
AND THE VICE PRESIDENT
ON TRANSPORTATION INFRASTRUCTURE
Department of Transportation, Washington, D.C.
March 3, 2009

10:00 A.M. EST

THE VICE PRESIDENT: You need not stand for me. Thank you, thank you. Thank you very much. Mr. Secretary, thank you very much. And we're counting on you; we're counting on all of you in a way I don't think we've ever looked to the department before. We're counting on you. It's that simple, it's that straightforward. And I want to thank all of you in the Department of Transportation for your dedication and for the long hours you help -- you put in to make this announcement possible -- but the long hours you're going to be putting in.

Mr. President, when you signed the American Recovery and Reinvestment Act into law, you made it absolutely clear that the American people could not wait -- could not wait for us to get started, and that they had a duty -- we had, you have -- the Department of Transportation, all of the federal government -- a duty and a responsibility to put to work the resources in the economic recovery package at a record speed and with record transparency.

Now, Mr. President, just two weeks after signing that legislation, we're about to start the biggest investment on our nation's road, bridges, highways and tunnels since we built the Interstate Highway System over 50 years ago. It's a big deal. The work is beginning now, with hundreds more projects getting underway in the next few months. Some project will start this month, some won't get going until the summer. We're going to do everything we can to get them moving as quickly as possible. But Americans didn't get in this mess overnight. And unfortunately, unfortunately, it's going to take some time for us to get out of this.

Mr. President, you also made it clear that we have an obligation to the taxpayers of this nation to make sure their money is being used wisely, to make it accountable and transparent. Folks, we're going to ask of you a sense of diligence and transparency and responsibility as has not been asked before, because we've never made this kind of investment before. This is a big deal. Never before in the history of this country have the people been more able to see with such complete transparency how we're going to put their money to work, not just in this agency but particularly here.

Our web site, recovery.gov, is an unprecedented resource for the people to see how their money is being spent. And more than ever, more than ever, people can be our eyes and our ears. They can let us know what's happening, and maybe, just as importantly, what isn't happening in their communities.

I've always believed that the toughest moments present the biggest opportunities, and clearly, the President of the United States feels that way, as well. With this recovery package, we'll be creating jobs, saving jobs, and putting money in people's pockets. That's what this is about -- getting America moving again. And with the resources being allocated today, we won't only rebuild the roads and highways and bridges, we're going to rebuild this nation. This is the first step in rebuilding America.

And the man who is the chief architect of that rebuilding project I'd like to introduce to you now. Ladies and gentleman, your President and mine, the President of the United States of America, Barack Obama. (Applause.)

THE PRESIDENT: Thank you. Thank you, DOT. (Applause.) Thank you very much. Please, have a seat. Thank you. Vice President Biden, Secretary LaHood, our co-chairs of the TIGER team, Lana Hurdle and Joel Szabat. Thank you all for the extraordinary work that you guys are doing each and every day.

I want to begin with some plain talk: The economy's performance in the last quarter of 2008 was the worst in over 25 years. And, frankly, the first quarter of this year holds out little promise for better returns.

From Wall Street to Main Street to kitchen tables all across America, our economic challenge is clear. And now it is up to us to meet it.

One of the challenges is to jumpstart lending, so businesses and families can finance the purchases of everything from inventory and payroll to a home, a car, or a college education. We have to jumpstart the credit markets and get private lending going again. No matter how good of a job we do here, that's going to be critical. And that's why the Treasury and the Federal Reserve are launching today the Consumer and Business Lending Initiative, which, when fully implemented, will generate up to a trillion dollars of new lending for the American people. And this will help unlock our frozen credit markets, which is absolutely essential for economic recovery.

But we also know that there cannot be a sustained recovery unless and until we put Americans back to work and put money in their pockets.

Two weeks ago, I signed into law the American Recovery and Reinvestment Act, the most sweeping economic recovery plan in history. And already, its impact is being felt across this nation. Hardworking families can now worry a little less about next month's bills because of the tax cut they'll soon find in the mail. Renewable energy companies that were once downsizing are now finding ways to expand. And transportation projects that were once on hold are now starting up again -- as part of the largest new investment in America's infrastructure since President Eisenhower built the Interstate Highway System.

Of the 3.5 million jobs that will be created and saved over the next two years as a result of this recovery plan, 400,000 will be jobs rebuilding our crumbling roads, bridges, and schools, repairing our faulty levees and dams, connecting nearly every American to broadband, and upgrading the buses and trains that commuters take every day. Many of these projects will be coordinated by Secretary LaHood and all of you at the Department of Transportation. And I want you to know that the American public is grateful to public servants like you -- men and women whose work isn't always recognized, but whose jobs are critical to our nation's safety, security, and prosperity. You have never been more important than you are right now, and for that we are all grateful. (Applause.)

Now, in the coming days and weeks, my administration will be announcing more details about the kinds of transportation projects that will be launched as part of the recovery plan. But today, I want to speak about an investment we are making in one part of our infrastructure. Through the Recovery Act, we will be investing $28 billion in our highways, money that every one of our 50 states can start using immediately to put people back to work. It's an investment being made at an unprecedented pace, thanks in large part to Joe Biden, who's leading the effort to get the money out the door quickly. Because of Joe, and because of all the governors and mayors, county and city officials who are helping implement this plan, I can say that 14 days after I signed our Recovery Act into law, we are seeing shovels hit the ground.

As Secretary LaHood noted, the first contract will be awarded to American Infrastructure, a family business in Pennsylvania that will be resurfacing a road in Maryland. More than 100 other people will begin receiving funds today, as well. Over the next few weeks, we will launch more than 200 construction projects across this country, fueling growth in an industry that's been hard hit by our economic crisis.

Altogether, this investment in highways will create or save 150,000 jobs by the end of next year, most of them in the private sector. (Applause.) And just to give you a sense of perspective, that's more jobs being created or saved in one year than GM, Ford, and Chrysler have lost in manufacturing over the past three years -- combined. The job -- the jobs that we're creating are good jobs that pay more than average; jobs grinding asphalt and paving roads, filling potholes, making street signs, repairing stop lights, replacing guard rails.

But what makes this investment so important is not simply that we will jumpstart job creation, or reduce the congestion that costs us nearly $80 billion a year, or rebuild the aging roads that cost drivers billions more a year in upkeep. What makes it so important is that by investing in roads that have earned a grade of D- by America's leading civil engineers -- roads that should have been rebuilt long ago -- we can save some 14,000 men and women who lose their lives each year due to bad roads and driving conditions. Like a broken levee or a bridge with a shaky foundation, poor roads are a public hazard -- and we have a responsibility to fix them.

Now, we have another responsibility. Having inherited a trillion-dollar deficit that we're working to cut in half, we also need to ensure that tax dollars aren't wasted on projects that don't deliver results. And that's why, as part of his duty, Joe will keep an eye on how precious tax dollars are being spent. To you, he's Mr. Vice President, but around the White House, we call him the Sheriff -- (laughter) -- because if you're misusing taxpayer money, you'll have to answer to him.

And to help him, I've appointed a proven and aggressive Inspector General to root out waste and fraud. And I'm also deputizing every single American to visit a new website called recovery.gov so you can see where your tax dollars are going and hold us accountable for results.

We're also making it easier for Americans to see what projects are being funded with their money as part of our recovery. So in the weeks to come, the signs denoting these projects are going to bear the new emblem of the American Recovery and Reinvestment Act. That's it right there. Transportation projects will be stamped with another emblem, as well. These emblems are symbols of our commitment to you, the American people -- a commitment to investing your tax dollars wisely, to put Americans to work doing the work that needs to be done. So when you see them on projects that your tax dollars made possible, let it be a reminder that our government -- your government -- is doing its part to put the economy back on the road of recovery.

And so, in the days and years ahead, as you're driving on new roads or roads that are newly paved, I hope it will give you some measure of satisfaction to know that it was all done by putting your fellow citizens to work. I hope it will give you a sense of pride to know that even as we pursued our economic recovery, we renewed our American landscape.

Throughout our history, there have been times when a generation of Americans seized the chance to remake the face of this nation. It's what we did in the midst of civil war by connecting our coasts with a transcontinental railroad. It's what we did in the midst of depression by putting up a golden bridge in San Francisco, and electrifying rural America, and completing a great dam in the Southwest. It's what we're doing once more -- by building a 21st century infrastructure that will make America's economy stronger and America's people safer.

That's the reason we're here today. That's the purpose of our recovery plan. That's the cause of my presidency, and I need it to be your cause, as well. Each and every one of you have a role to play. (Applause.)

There are those out there who say this can't be done -- it can't be done efficiently, it can't be done effectively. We've gone through a lot of years where we were told what government cannot do. Government can't do anything by itself, we've got to have the private sector involved. But there are critical things the government can do -- right here at the Department of Transportation. (Applause.)

Each and every one of you have a critical role to play. And if you do your work, if you do your job as well as you can do, if you feel as inspired as I do about the work that lies ahead, I'm absolutely confident that we're going to look back on this time and say to ourselves this was a moment where we really made a difference. What an extraordinary opportunity that is. I hope all of you seize it.

Thank you, everybody. God bless you. (Applause.)

THE WHITE HOUSE
Office of the Press Secretary
_________________________________________________________________
For Immediate Release March 2, 2009

REMARKS BY PRESIDENT OBAMA, HHS SECRETARY-DESIGNATE KATHLEEN SEBELIUS,
AND WHITE HOUSE OFFICE OF HEALTH REFORM DIRECTOR NANCY-ANN DEPARLE
East Room, The White House

12:57 P.M. EST

THE PRESIDENT: Hello, everybody. Last week, I unveiled a fiscal blueprint for America's future -- one that reflects the stark reality of our financial crisis while laying a lasting foundation for our common prosperity. It makes both the sacrifices and the investments necessary to tackle the great challenges of our time -- challenges we face today as a consequence of decisions we deferred yesterday. And one of these great challenges is health care.

The good news is that we have already done more to advance the cause of health care reform in the last month than we have in the last decade. We've provided and protected health insurance for 11 million children whose parents work full-time. We've invested in preventive care to help keep people from having to go to the doctor in the first place, and in electronic health records and new technology that will ensure privacy while saving billions of dollars and countless lives.

And today, I can announce that under the Recovery Plan we've put into action, $155 million will go toward supporting 126 new health centers across America. These health centers will expand access to care by helping people in need -- many with no health insurance –- obtain access to comprehensive primary and preventive health care services. That helps relieve the burden on emergency rooms across the country, which have become primary care clinics for too many who lack coverage -- often at taxpayer expense. This action will create thousands of new jobs, help provide health care to an estimated 750,000 low-income Americans across the country, and take another important step toward affordable, accessible health care for all.

But our current economic crisis has only heightened the urgency of our health care challenge. In the last eight years, premiums have grown four times faster than wages. In each of these years, 1 million Americans have lost their health insurance. The crushing cost of health care causes a bankruptcy in America every 30 seconds; and by the end of this year, it could cause 1.5 million Americans to lose their homes. It's a crisis punishing families, battering businesses, squeezing our states, and increasingly, imperiling our own budget. Health care is one of the fastest-growing expenses in the federal budget, and it's one we simply cannot sustain.

That is why we cannot fail to act yet again. If we're going to help families, save businesses, and improve the long-term economic health of our nation, we must realizing [sic] that fixing what's wrong with our health care system is no longer just a moral imperative, but a fiscal imperative. Health care reform that reduces costs while expanding coverage is no longer just a dream we hope to achieve -- it's a necessity we have to achieve.

Today, I'm proud to announce key members of the team I'm assembling to help do just that: Kansas Governor Kathleen Sebelius for my Secretary of Health and Human Services, and Nancy-Ann DeParle as Director of the White House Office for Health Reform.

Now, there's no easy formula for fixing our health care system. There will be many different opinions and ideas about how to achieve this reform. And that's why I'm bringing together business and labor, doctors and insurers, Democrats and Republicans, as well as ordinary Americans from all walks of life to the White House this Thursday for a historic health care forum.

What is required, however, is a commitment to reform that focuses not on Democratic ideas or Republican ideas, but on ideas that work to rein in costs, expand access, and improve the quality of health care for the American people.

Kathleen Sebelius embodies such a commitment to bipartisan accomplishment. She is, after all, the daughter of a Democratic governor and the daughter-in-law of a Republican congressman.

But she's forged a reputation for bipartisan problem-solving in her own right. As governor of Kansas, she inherited a billion-dollar deficit, but by eliminating waste and inefficiency while making smart choices, she balanced the state budget without raising taxes. And time and again, on energy and education, jobs and health care, she's bridged the partisan divide and worked with a Republican legislature to get things done for the people of Kansas.

And that's why I'm so proud that one of the most esteemed political leaders of our time, Bob Dole, is here, as well as my former colleague, Pat Roberts, here as well -- people in Kansas, we stick together. And I've got my own Kansas roots here, so I'm particularly pleased to be joined by so many -- so many Kansans.

Now, Kathleen has all -- also knows health care inside and out. She's won praise for her expertise from stakeholders across the spectrum, from consumer groups to insurers. Over eight years as state insurance commissioner, she refused campaign contributions from insurance companies and protected the people of Kansas from increases to their premiums by blocking a takeover of the state's largest insurer. She helped draft a proposed national bill of rights for patients and served as the president of the National Associate of Insurance Commissioners.

And as a governor she's been on the front lines of our health care crisis. She has a deep knowledge of what the burden of crushing costs does to our families and businesses. That's why she fought to guarantee Kansans access -- access to quality, affordable health care, and sought to secure it for every Kansas child from birth to age five.

Kathleen has a remarkable intellect, unquestioned integrity, and the kind of pragmatic wisdom you'll tend to find in a Kansan. I know she will bring some much-needed grace and good humor to Washington, and she will be a tremendous asset to my Cabinet.

Now, as critical as the task of health care reform is, Governor Sebelius will also oversee a department with wide-ranging responsibilities essential to the well-being of the American people. We rely on the Food and Drug Administration to ensure the safety of our nation's food and drug supply. We depend on the Center for Disease Control to make certain our nation is prepared for pandemic disease outbreak or bioterrorism attacks. We expect the National Institutes of Health to keep America at the forefront of medical research, and work toward a cure for cancer in our time. And for as long as I am President, these agencies will be led by exceptional individuals who stand on the side of the American people; who push politics aside in favor of proven science; who eschew stale ideology for sound ideas and a focus on what works.

I'm also proud to announce that Kathleen will have an excellent partner at the White House in Nancy, one of the nation's leading experts on health care and regulatory issues. As commissioner of the Department of Human Services in Tennessee, she saw firsthand our health care system's impact on workers and families. In the Clinton administration, she handled budget matters for federal health care programs, and took on the tremendous task of managing Medicare and Medicaid. I have absolute confidence in her ability to lead the public and legislative effort to ensure quality, affordable health care for every American.

Let me close by saying one last thing. I realize that there are those who simply don't believe Washington can bring about this change. And the odds are long. It's failed too many times. There are too many special interests and entrenched lobbyists invested in the status quo.

That's the conventional wisdom, and I understand those doubts. But I also know this: I didn't come to Washington to take the easy route, or to work for the powerful and the well-connected interests who have run this city for too long. I came here to work for the American people. I came here to deliver the sweeping change that they demanded when they went to the polls in November.

Kathleen and Nancy share my resolve; I look forward to working with them as we begin the urgent and immediate task of ensuring quality, affordable health care for every American. And we also know that we're going to need important partners there, so that's why I'm so proud that we have the outstanding member of the House of Representatives, Henry Waxman, and my own colleague and the head of the finance committee, Max Baucus -- they have already shown extraordinary leadership in this process.

The fact that we've got Democrats and Republicans here I hope is a symbol of how we can move this issue forward. I don't think anybody has a silver bullet when it comes to health care. There are some difficult tradeoffs to be made, there are some difficult choices to be made. But what I do know is this, that people of goodwill collectively recognize that the path we're on is unsustainable. It's going to be Kathleen's job and Nancy's job to work with extraordinary leaders, like the ones on this stage, to make sure that we finally deliver health care reform that will save our federal budget and help American families for generations to come.

Thank you very much. (Applause.)

Kathleen.

GOVERNOR SEBELIUS: Well, Mr. President, thank you. The President's request that I lead the department charged with protecting the health of all Americans, and providing essential services to some of our most vulnerable citizens, is a responsibility I could not refuse. I'm deeply honored by your faith in me, Mr. President.

I've worked on health care issues for more than two decades -- as a legislator, as an insurance commissioner, and as governor of the great state of Kansas. Mr. President, I share your passion and personal commitment to health care reform.

During the campaign, you talked about watching your mother spend her final days battling for her insurance benefits -- a situation all too familiar to too many Americans.

I spent time with the First Lady as she reached out to ordinary women in cities and towns across America, who came together to share their struggles and fears, and voice hope for a change in the health care system that could save families from bankruptcy and deliver quality care to all.

I share your belief that we can't fix the economy without fixing health care. The work won't be easy, but bringing about real change rarely is.

Business and labor leaders, teachers and health care providers, policymakers at the state, local and national level, parents and children are ready to join this effort. This isn't a partisan challenge; it's an American challenge, and one that we can't afford to ignore.

This election was a vote for change, and nowhere is that change more important than in reforming the health care system of America.

Nancy-Ann DeParle and I have worked together in the past on health care issues, and I look forward to having a great partner in the effort moving forward.

Now, the decision to leave my job in Kansas as governor of the great Sunflower State is not easy. But you, Mr. President, reminded me it's possible to help Kansas and help the United States at the same time. I can think of no great honor than to join you in this effort to transform our health care system and improve the lives of all Americans.

Thank you for giving me this challenge.

THE PRESIDENT: Nancy, you want to say a little something? Go ahead.

MS. DePARLE: Yes. I'll just say that I'm really honored to be asked by President Obama to be part of his team working to lower costs and provide health care insurance and better quality to all Americans, and especially excited to be working with Governor and now Secretary-designate Sebelius. As she said, we enjoyed working together earlier in both of our careers, and I think it will be a great partnership.

So, thank you, Mr. President.

THE PRESIDENT: All right.

Thank you, everybody. We're going to go get to work.

END 1:10 P.M. EST

Remarks of President Barack Obama – As Prepared for Delivery
Responsibly Ending the War in Iraq
Camp Lejeune, North Carolina
Friday, February 27, 2009

Good morning Marines. Good morning Camp Lejeune. Good morning Jacksonville. Thank you for that outstanding welcome. I want to thank Lieutenant General Hejlik for hosting me here today.

I also want to acknowledge all of our soldiers, sailors, airmen and Marines serving in Iraq and Afghanistan. That includes the Camp Lejeune Marines now serving with – or soon joining – the Second Marine Expeditionary Force in Iraq; those with Special Purpose Marine Air Ground Task Force in Afghanistan; and those among the 8,000 Marines who are preparing to deploy to Afghanistan. We have you in our prayers. We pay tribute to your service. We thank you and your families for all that you do for America. And I want all of you to know that there is no higher honor or greater responsibility than serving as your Commander-in-Chief.

I also want to take this opportunity to acknowledge Ryan Crocker, who recently completed his service as our Ambassador to Iraq. Throughout his career, Ryan always took on the toughest assignments. He is an example of the very best that this nation has to offer, and we owe him a great debt of gratitude. He carried on his work with an extraordinary degree of cooperation with two of our finest Generals – General David Petraeus, and General Ray Odierno – who will be critical in carrying forward the strategy that I will outline today.

Next month will mark the sixth anniversary of the war in Iraq. By any measure, this has already been a long war. For the men and women of America’s armed forces – and for your families – this war has been one of the most extraordinary chapters of service in the history of our nation. You have endured tour after tour after tour of duty. You have known the dangers of combat and the lonely distance of loved ones. You have fought against tyranny and disorder. You have bled for your best friends and for unknown Iraqis. And you have borne an enormous burden for your fellow citizens, while extending a precious opportunity to the people of Iraq. Under tough circumstances, the men and women of the United States military have served with honor, and succeeded beyond any expectation.

Today, I have come to speak to you about how the war in Iraq will end.

To understand where we need to go in Iraq, it is important for the American people to understand where we now stand. Thanks in great measure to your service, the situation in Iraq has improved. Violence has been reduced substantially from the horrific sectarian killing of 2006 and 2007. Al Qaeda in Iraq has been dealt a serious blow by our troops and Iraq’s Security Forces, and through our partnership with Sunni Arabs. The capacity of Iraq’s Security Forces has improved, and Iraq’s leaders have taken steps toward political accommodation. The relative peace and strong participation in January’s provincial elections sent a powerful message to the world about how far Iraqis have come in pursuing their aspirations through a peaceful political process.

But let there be no doubt: Iraq is not yet secure, and there will be difficult days ahead. Violence will continue to be a part of life in Iraq. Too many fundamental political questions about Iraq’s future remain unresolved. Too many Iraqis are still displaced or destitute. Declining oil revenues will put an added strain on a government that has had difficulty delivering basic services. Not all of Iraq’s neighbors are contributing to its security. Some are working at times to undermine it. And even as Iraq’s government is on a surer footing, it is not yet a full partner – politically and economically – in the region, or with the international community

In short, today there is a renewed cause for hope in Iraq, but that hope rests upon an emerging foundation.

On my first full day in office, I directed my national security team to undertake a comprehensive review of our strategy in Iraq to determine the best way to strengthen that foundation, while strengthening American national security. I have listened to my Secretary of Defense, the Joint Chiefs of Staff, and commanders on the ground. We have acted with careful consideration of events on the ground; with respect for the security agreements between the United States and Iraq; and with a critical recognition that the long-term solution in Iraq must be political – not military. Because the most important decisions that have to be made about Iraq’s future must now be made by Iraqis.

We have also taken into account the simple reality that America can no longer afford to see Iraq in isolation from other priorities: we face the challenge of refocusing on Afghanistan and Pakistan; of relieving the burden on our military; and of rebuilding our struggling economy – and these are challenges that we will meet.

Today, I can announce that our review is complete, and that the United States will pursue a new strategy to end the war in Iraq through a transition to full Iraqi responsibility.

This strategy is grounded in a clear and achievable goal shared by the Iraqi people and the American people: an Iraq that is sovereign, stable, and self-reliant. To achieve that goal, we will work to promote an Iraqi government that is just, representative, and accountable, and that provides neither support nor safe-haven to terrorists. We will help Iraq build new ties of trade and commerce with the world. And we will forge a partnership with the people and government of Iraq that contributes to the peace and security of the region.

What we will not do is let the pursuit of the perfect stand in the way of achievable goals. We cannot rid Iraq of all who oppose America or sympathize with our adversaries. We cannot police Iraq’s streets until they are completely safe, nor stay until Iraq’s union is perfected. We cannot sustain indefinitely a commitment that has put a strain on our military, and will cost the American people nearly a trillion dollars. America’s men and women in uniform have fought block by block, province by province, year after year, to give the Iraqis this chance to choose a better future. Now, we must ask the Iraqi people to seize it.

The first part of this strategy is therefore the responsible removal of our combat brigades from Iraq.

As a candidate for President, I made clear my support for a timeline of 16 months to carry out this drawdown, while pledging to consult closely with our military commanders upon taking office to ensure that we preserve the gains we’ve made and protect our troops. Those consultations are now complete, and I have chosen a timeline that will remove our combat brigades over the next 18 months.

Let me say this as plainly as I can: by August 31, 2010, our combat mission in Iraq will end.

As we carry out this drawdown, my highest priority will be the safety and security of our troops and civilians in Iraq. We will proceed carefully, and I will consult closely with my military commanders on the ground and with the Iraqi government. There will surely be difficult periods and tactical adjustments. But our enemies should be left with no doubt: this plan gives our military the forces and the flexibility they need to support our Iraqi partners, and to succeed.

After we remove our combat brigades, our mission will change from combat to supporting the Iraqi government and its Security Forces as they take the absolute lead in securing their country. As I have long said, we will retain a transitional force to carry out three distinct functions: training, equipping, and advising Iraqi Security Forces as long as they remain non-sectarian; conducting targeted counter-terrorism missions; and protecting our ongoing civilian and military efforts within Iraq. Initially, this force will likely be made up of 35-50,000 U.S. troops.

Through this period of transition, we will carry out further redeployments. And under the Status of Forces Agreement with the Iraqi government, I intend to remove all U.S. troops from Iraq by the end of 2011. We will complete this transition to Iraqi responsibility, and we will bring our troops home with the honor that they have earned.

As we responsibly remove our combat brigades, we will pursue the second part of our strategy: sustained diplomacy on behalf of a more peaceful and prosperous Iraq.

The drawdown of our military should send a clear signal that Iraq’s future is now its own responsibility. The long-term success of the Iraqi nation will depend upon decisions made by Iraq’s leaders and the fortitude of the Iraqi people. Iraq is a sovereign country with legitimate institutions; America cannot – and should not – take their place. However, a strong political, diplomatic, and civilian effort on our part can advance progress and help lay a foundation for lasting peace and security.

This effort will be led by our new Ambassador to Iraq – Chris Hill. From his time in the Peace Corps, to his work in Kosovo and Korea, Ambassador Hill has been tested, and he has shown the pragmatism and skill that we need right now. He will be supported by the courageous and capable work of so many American diplomats and aid workers who are serving in Iraq.

Going forward, we can make a difference on several fronts. We will work with the United Nations to support national elections, while helping Iraqis improve local government. We can serve as an honest broker in pursuit of fair and durable agreements on issues that have divided Iraq’s leaders. And just as we will support Iraq’s Security Forces, we will help Iraqi institutions strengthen their capacity to protect the rule of law, confront corruption, and deliver basic services.

Diplomacy and assistance is also required to help the millions of displaced Iraqis. These men, women and children are a living consequence of this war and a challenge to stability in the region, and they must become a part of Iraq’s reconciliation and recovery. America has a strategic interest – and a moral responsibility – to act. In the coming months, my administration will provide more assistance and take steps to increase international support for countries already hosting refugees; we’ll cooperate with others to resettle Iraqis facing great personal risk; and we will work with the Iraqi government over time to resettle refugees and displaced Iraqis within Iraq – because there are few more powerful indicators of lasting peace than displaced citizens returning home.

Now, before I go any further, I want to take a moment to speak directly to the people of Iraq.

You are a great nation, rooted in the cradle of civilization. You are joined together by enduring accomplishments, and a history that connects you as surely as the two rivers carved into your land. In years past, you have persevered through tyranny and terror; through personal insecurity and sectarian violence. And instead of giving in to the forces of disunion, you stepped back from a descent into civil war, and showed a proud resilience that deserves respect.

Our nations have known difficult times together. But ours is a bond forged by shared bloodshed, and countless friendships among our people. We Americans have offered our most precious resource – our young men and women – to work with you to rebuild what was destroyed by despotism; to root out our common enemies; and to seek peace and prosperity for our children and grandchildren, and for yours.

There are those who will try to prevent that future for Iraq – who will insist that Iraq’s differences cannot be reconciled without more killing. They represent the forces that destroy nations and lead only to despair, and they will test our will in the months and years to come. America, too, has known these forces. We endured the pain of Civil War, and bitter divisions of region and race. But hostility and hatred are no match for justice; they offer no pathway to peace; and they must not stand between the people of Iraq and a future of reconciliation and hope.

So to the Iraqi people, let me be clear about America’s intentions. The United States pursues no claim on your territory or your resources. We respect your sovereignty and the tremendous sacrifices you have made for your country. We seek a full transition to Iraqi responsibility for the security of your country. And going forward, we can build a lasting relationship founded upon mutual interests and mutual respect as Iraq takes its rightful place in the community of nations.

That leads me to the third part of our strategy –comprehensive American engagement across the region.

The future of Iraq is inseparable from the future of the broader Middle East, so we must work with our friends and partners to establish a new framework that advances Iraq’s security and the region’s. It is time for Iraq to be a full partner in a regional dialogue, and for Iraq’s neighbors to establish productive and normalized relations with Iraq. And going forward, the United States will pursue principled and sustained engagement with all of the nations in the region, and that will include Iran and Syria.

This reflects a fundamental truth: we can no longer deal with regional challenges in isolation – we need a smarter, more sustainable and comprehensive approach. That is why we are renewing our diplomacy, while relieving the burden on our military. That is why we are refocusing on al Qaeda in Afghanistan and Pakistan; developing a strategy to use all elements of American power to prevent Iran from developing a nuclear weapon; and actively seeking a lasting peace between Israel and the Arab world. And that is why we have named three of America’s most accomplished diplomats – George Mitchell, Dennis Ross and Richard Holbrooke – to support Secretary Clinton and me as we carry forward this agenda.

Every nation and every group must know – whether you wish America good or ill – that the end of the war in Iraq will enable a new era of American leadership and engagement in the Middle East. And that era has just begun.

Finally, I want to be very clear that my strategy for ending the war in Iraq does not end with military plans or diplomatic agendas – it endures through our commitment to uphold our sacred trust with every man and woman who has served in Iraq.

You make up a fraction of the American population, but in an age when so many people and institutions have acted irresponsibly, you did the opposite – you volunteered to bear the heaviest burden. And for you and for your families, the war does not end when you come home. It lives on in memories of your fellow soldiers, sailors, airmen and Marines who gave their lives. It endures in the wound that is slow to heal, the disability that isn’t going away, the dream that wakes you at night, or the stiffening in your spine when a car backfires down the street.

You and your families have done your duty – now a grateful nation must do ours. That is why I am increasing the number of soldiers and Marines, so that we lessen the burden on those who are serving. And that is why I have committed to expanding our system of veterans health care to serve more patients, and to provide better care in more places. We will continue building new wounded warrior facilities across America, and invest in new ways of identifying and treating the signature wounds of this war: Post-Traumatic Stress Disorder and Traumatic Brain Injury, as well as other combat injuries.

We also know that service does not end with the person wearing the uniform. In her visits with military families across the country, my wife Michelle has learned firsthand about the unique burden that your families endure every day. I want you to know this: military families are a top priority for Michelle and me, and they will be a top priority for my administration. We’ll raise military pay, and continue providing quality child-care, job-training for spouses, and expanded counseling and outreach to families that have known the separation and stress of war. We will also heed the lesson of history – that those who fight in battle can form the backbone of our middle class – by implementing a 21st century GI Bill to help our veterans live their dreams.

As a nation, we have had our share of debates about the war in Iraq. It has, at times, divided us as a people. To this very day, there are some Americans who want to stay in Iraq longer, and some who want to leave faster. But there should be no disagreement on what the men and women of our military have achieved.

And so I want to be very clear: We sent our troops to Iraq to do away with Saddam Hussein’s regime – and you got the job done. We kept our troops in Iraq to help establish a sovereign government – and you got the job done. And we will leave the Iraqi people with a hard-earned opportunity to live a better life – that is your achievement; that is the prospect that you have made possible.

There are many lessons to be learned from what we’ve experienced. We have learned that America must go to war with clearly defined goals, which is why I’ve ordered a review of our policy in Afghanistan. We have learned that we must always weigh the costs of action, and communicate those costs candidly to the American people, which is why I’ve put Iraq and Afghanistan into my budget. We have learned that in the 21st century, we must use all elements of American power to achieve our objectives, which is why I am committed to building our civilian national security capacity so that the burden is not continually pushed on to our military. We have learned that our political leaders must pursue the broad and bipartisan support that our national security policies depend upon, which is why I will consult with Congress and in carrying out my plans. And we have learned the importance of working closely with friends and allies, which is why we are launching a new era of engagement in the world.

The starting point for our policies must always be the safety of the American people. I know that you – the men and women of the finest fighting force in the history of the world – can meet any challenge, and defeat any foe. And as long as I am your Commander-in-Chief, I promise you that I will only send you into harm’s way when it is absolutely necessary, and provide you with the equipment and support you need to get the job done. That is the most important lesson of all – for the consequences of war are dire, the sacrifices immeasurable.

You know because you have seen those sacrifices. You have lived them. And we all honor them.

"Semper Fidelis" – it means always being faithful to Corps, and to country, and to the memory of fallen comrades like Corporal Jonathan Yale and Lance Corporal Jordan Haerter. These young men enlisted in a time of war, knowing they would face great danger. They came here, to Camp Lejeune, as they trained for their mission. And last April, they were standing guard in Anbar. In an age when suicide is a weapon, they were suddenly faced with an oncoming truck filled with explosives. These two Marines stood their ground. These two Marines opened fire. And these two Marines stopped that truck. When the thousands of pounds of explosives detonated, they had saved fifty Marines and Iraqi police who would have been in the truck’s path, but Corporal Yale and Lance Corporal Haerter lost their own lives. Jonathan was 21. Jordan was 19.

In the town where Jordan Haerter was from, a bridge was dedicated in his name. One Marine who traveled to the ceremony said: "We flew here from all over the country to pay tribute to our friend Jordan, who risked his life to save us. We wouldn’t be here without him."

America’s time in Iraq is filled with stories of men and women like this. Their names are written into bridges and town squares. They are etched into stones at Arlington, and in quiet places of rest across our land. They are spoken in schools and on city blocks. They live on in the memories of those who wear your uniform, in the hearts of those they loved, and in the freedom of the nation they served.

Each American who has served in Iraq has their own story. Each of you has your own story. And that story is now a part of the history of the United States of America – a nation that exists only because free men and women have bled for it from the beaches of Normandy to the deserts of Anbar; from the mountains of Korea to the streets of Kandahar. You teach us that the price of freedom is great. Your sacrifice should challenge all of us – every single American – to ask what we can do to be better citizens.

There will be more danger in the months ahead. We will face new tests and unforeseen trials. But thanks to the sacrifices of those who have served, we have forged hard-earned progress, we are leaving Iraq to its people, and we have begun the work of ending this war.

Thank you, God Bless you, and God Bless the United States of America. Semper Fi.

REMARKS OF THE VICE PRESIDENT AT THE FIRST MEETING OF
THE MIDDLE CLASS TASK FORCE, PANEL ONE
William B. Irvine Auditorium
The University of Pennsylvania
Philadelphia, Pennsylvania
February 27, 2009

12:10 P.M. EST

THE VICE PRESIDENT: I'd like the record to show it's the first time in my life my Senate colleagues ever stood for me. I really do appreciate that -- (laughter) -- this was worth the job, worth the trip. (Laughter.)

Ladies and gentleman, thank you for all being here today, and Senators Specter and Casey, and Congressman Fattah and Congressman Brady; Mayor Nutter and the governor will be here, as well; and many luminaries that are here in the audience: I see that Andy Stern of SEIU is out there, and Anna Burger of Change to Win, -- (applause) -- and as I understand it, that Jerry Sullivan is out there, representing the laborers that are going to get, God-willing and the creek not rising, a significant boost from what we're about to do. And Congressman Patrick Murphy, I'm told, is in the audience, as well as -- and I just got this list, I hope I'm not leaving anybody out -- the mayor of Easton, Sal Panto is here, I'm told -- Sal, welcome; the mayor of Bethlehem, John Callahan; the mayor of Harrisburg, Steve Reed; the mayor of Allentown, Ed -- is it Pawlowski -- (laughter) -- did I get it right -- you can call me "Bidden" if I got it wrong -- (laughter) -- the mayor of Wilkes-Barre, next to the -- one of the second best towns in America after Wilmington, Delaware -- Scranton, Pennsylvania, the mayor of Wilkes-Barre, Tom Leighton is here I'm told; and a good personal friend and a great public servant, Jim Florio, former governor of New Jersey I'm told is here. So welcome, Jim. (Applause.)

I -- after thanking my colleagues in the panel, I love being here today. But I'm continuing to pay tuition here -- my son, Beau, was an undergraduate here -- got a pay raise when he left and went off to Syracuse law school. My daughter is here in graduate school, and she is getting a master's degree in social work. And so I'm really looking forward to this recovery act. (Laughter.) (Inaudible) Secretary Duncan -- (laughter) -- just I wish to heck three or four Presidents earlier, we did what we're doing now. I'd have felt a lot better about it, and my net worth would be better off.

But look, the signing of the American Recovery and Reinvestment Act represents an incredibly strong first step in, at least in my view, along this long and difficult road to recovery. And I want to thank Senator Specter. I personally want to thank Senator Specter. (Applause.)

I've been a senator for 36 years, and I think I can count on one hand when I've watched people cast a vote from the side of the aisle, Democrat or Republican, that they happen to sit on, that no one doubts cost them -- cost them politically, but cast the vote because they truly believed it was in the best interest in the country. And so, Arlen, we would not -- this legislation -- it may not even help you my saying it, but this legislation would not exist were it not for you. I can tell you that personally, because two of your other Republican colleagues said -- one in particular -- if Senator Specter doesn't vote for it, I don't vote it; there were not enough votes. You're responsible for this, and I thank you. (Applause.)

The worst part for Senator Casey is I take him so much for granted, I always count on him doing the right thing, which he does. And thank you for being on the front end of this. And I thank my congressional colleagues, as well.

Look, folks, we're making an unprecedented investment in this country, in the recovery of this country, and an unprecedented investment in clean energy, clean energy that will be able to create tens of thousands, over time, of good, high-paying jobs, the vast majority of which are not exportable -- they're all American jobs. And how far -- (applause) -- how far and how fast we travel on that road is going to be determined by the actions we take, not only in implementing the recovery act, but also in continuing to make progress on energy, health care and education. That's why President Obama asked me to lead our Middle Class Task Force as well as oversee the implementation of this recovery package, which is almost $800 billion.

You know, when we were running for public office -- excuse me -- for the President and the Vice President, we said something repeatedly that I want to reinforce that we mean. And that is, when we measure the success or failure of this administration, at the end of the day, not merely whether the economy is technically recovering and the GDP is growing, but whether or not the middle class, at the end of the day, the middle class is growing, the middle class is in fact reaping its fair share of the economic growth, because over the course of the last economic expansion, the middle class participated in very few of the benefits. Between the year 2000 and 2007, American workers -- American workers were highly productive -- productivity increased significantly, yet the income of middle-class households fell $2,000 a year. We broke the bargain, the bargain that was made back in the middle of the last century -- that workers producing a more productive economy would participate -- participate in the benefits of that increased production. We want to make sure that does not happen again.

But now in the midst of this historic economic downturn, the middle class is sure participating in the pain; they're sure in on the downside. They weren't very much in on the upside; they're in on the downside.

So the goal of this Middle Class Task Force is to ensure the benefits in the strengthening economy -- ensure that they reach -- reach those responsible for the strength of the economy and restore to the center of our efforts the middle class that has been long forgotten, left behind, and in my view, left out of our investments. We intend to change that. That's why this is the first in what will be a monthly series of town meetings and hearings all across America over the next year to determine how, how we can deal with those elements of the economy that most affect the middle class.

We'll be dealing with issues from retirement income, to education, and many others in other fora. But today, we're going to focus on green jobs. Although there are many aspects of the recovery act that's going to help the middle class, that's the focus today. Green jobs are associated with some aspect of the (inaudible). You can have different definitions of green jobs. The United Nations has a definition; various organizations have a definition. But bottom line, in simple terms, for us: It means all those jobs associated with environmental improvement and improving the lives of the American people. Scientists working on an advanced, renewable alternative to CO2-producing fossil fuels is engaged in a green job, as is a laborer winterizing or weatherizing a home, or a lineman or a linewoman building out the smart grid -- they're all green jobs.

When President Obama signed the economic recovery package into law last week, it included, among other things, more than $19 billion in renewable energy like wind and solar power, which would create more jobs like those created here in Pennsylvania at (inaudible), a company that puts steel workers to work building windmills, or AE Polysilicon, a company that will make components of solar panels. It includes $11 billion to help build a new transmission superhighway. We all know that the existing electrical grid today is inadequate, insufficient and outdated. For example, of all the wind power that we're talking about being able to create in the Midwest and North Dakota, South Dakota, Iowa and other plain states, is a -- significant potential. But it cannot carry that energy right now to population centers that need the electricity most without a new transmission superhighway. In order to bring significant amounts of renewable energy online, we need to invest in tens of thousands of new, high-voltage -- tens of thousands of miles of high-voltage national transmission line. We kicked this off with a minimum of 3,000 miles of those new lines.

With more than $11 billion to invest in a new smart grid, the recovery act we believe will jumpstart the modernization of the electrical grid. These investments are going to create thousands of miles of new, modernized, high-tech transmission lines. The bill also will deploy 40 million new smart meters, the meters that people have on the side of their homes and people have on the side of their buildings, and at the basements of the buildings that exist in businesses. These smart meters and the modernization of the power grid itself will allow for smarter, more efficient delivery of power that will save energy, lower our monthly bills, enable future innovations in renewable energy and electric vehicles. We look at this as a whole thing, you know, a whole new approach. We want people to understand that when these kinds of investments, when those electric cars come online, you're going to have a place to plug it in efficiently and at low peak periods to be able to efficiently, cleanly and more cheaply do what you did before, in terms of your transportation needs.

It also includes smart (inaudible) technology. It will allow middle-class families to check whether they're running a washing machine or a dishwasher at a peak time, a more expensive time. We encourage new businesses, small businesses, and manufacturers to build these new, smart data.

We should have -- we will have -- they exist now -- washing machines and/or dishwashers, that you will put your dishes in your washer after -- the dishwasher after you've had your dinner at 6:00 p.m., and it speaks back to you and says, "don't start until 11:00 p.m." Automatically it will start washing dishes at 11:00 p.m. at night, not at a peak time, saving you money.

It includes $5 billion to help make housing more energy efficient, which has the added benefit of saving these families money on their monthly utility bills. And importantly, we'll invest $500 million to make sure workers have the skills they need to expand this (inaudible) to perform the energy audits needed to efficiently weatherize the homes, and to do retrofits necessary to upgrade older buildings -- like we saw, by the way, today, at the University of Pennsylvania, an impressive, an impressive undertaking. This is a small city, this is a small city. This has -- I forget the exact number that was given, but it's the equivalent of powering tens of thousands of homes. And what are they doing? They're saving incredible amounts of money. They're saving on energy consumption, and they're saving the environment in the process.

And so one example of the successful collaboration and how we're going to train people -- when I say -- and I look around the table and a lot of my friends who served in Congress or were governors, and we'd say to our constituents, we're going to have a job-training program -- (inaudible) they go, yes, okay; (inaudible) job-training program; we're just going to go out and pick people off the street and say, we'll give you two hours of training and that's it. No, what we're talking about here is like what they did in L.A.

In L.A. there is electrical training (inaudible) southern California, a labor management partnership, jointly sponsored by a union in the International Brotherhood of Electrical Workers, and a business coalition of private contractors. The training required is like -- is required under an apprenticeship model, requiring over 1,000 hours of classroom work and 8,000 hours of on-the-job training -- very rigorous program.

These are the kind of programs that are going to apply for the secretary seated here, in saying: Fund us. Fund us; we will train these women and men for these jobs. So this is not some -- this is not something we're just drawing money to the problem. This is a serious, serious undertaking. And I think the country is poised to take advantage of it.

Even graduates of this extensive training are eligible for constant upgrades and technological advances as things change. So two years, five years, 10 years from now, they're going to have to go back and re-train, because technology is going to move ahead of them. For example, a 30-hour course in photovoltaics was recently added to that L.A. school, L.A. training school.

And so, folks, it's important the cost of training, which is free to the participants, involves less than 10 percent of the public funding, the rest of it being paid by unions, contractors, business organizations, because they see the need for this. And by the way, in some of these programs, apprentices can be making $20 an hour; when they graduate, they can be making as much as $50 an hour in some of these undertakings.

Over 600 candidates, both older and younger, have completed that training course in L.A. We're going to replicate that all across America.

Investing in green jobs means two critical things for the middle-class families: one, more jobs to keep up the 21st-century needs; and lower energy costs; and I'd add a third -- a much cleaner environment.

First, jobs that pay more. According to the President's Counsel on Economic Adviser -- Council of Economic Advisers, green jobs will pay 10 to 20 percent more than other jobs of a similar nature; 10 to 20 percent more. And it also has, what I think personally is a great benefit, a number of them will be union jobs -- jobs that are less likely to be exported offshore. Building a new power grid, manufacturing solar panels, weatherizing homes and office buildings, renovating schools are just a few examples of ways in which we can create good-quality green jobs to strengthen our economy.

And secondly, more green jobs mean more money in the wallet of every American who engages in this at the end of the month. Weatherizing your home creates a job, but it also -- it also lowers your monthly bill, lowering the strain on your budget. And so the example -- as an example, there are 4,000 row houses right here in Philadelphia -- 4,000 -- excuse me, 400,000 -- I'm thinking Delaware -- (laughter) -- but I mean, 4,000 -- 400,000 -- what's a couple hundred thousand. But 400,000 row homes right here in Philadelphia that could be weatherized and made more efficient. Just doing that would lower household energy consumption by 20 to 40 percent, saving families hundreds of dollars a year and reducing the impact on the environment.

Folks, I'm joined here today by leading public officials. Senators Specter and Casey and Congressman Brady and Fattah, Governor Rendell, Mayor Nutter and a significant array of Cabinet officers. The administration officials under the new jurisdiction, many of these investments will be made. We have Secretary of the Department of Labor, Hilda Solis, who is -- applause) -- Secretary Steven Chu with the Department of Energy, who also happens to be a Nobel Laureate -- (applause); Secretary Donovan, from the Department of Housing and Urban Affairs -- (applause); Secretary Vilsack, former governor of Iowa, who is Department of Agriculture -- (applause); Secretary LaHood, former Congressman LaHood, in the Department of Transportation. (Applause). These secretaries are who -- are hard at work to making sure that this middle-class commitment that this administration has made are made stronger by this recovery.

They are gathered here today to hear from experts who have blueprints on how to get this right. And the stakeholders, the people who are actually getting money through the recovery act to create green jobs. And they're ready. Just yesterday, the Department of Housing and Urban Development announced that nearly 75 percent of its funding, $10.1 billion, has been allocated to state and local governments for community development -- (applause) -- energy efficiency modernization of public housing.

And just today, in Chicago, 250 workers who had been laid off from a window plant are celebrating today, because they were bought by another country -- company, who will -- (laughter) -- Chicago was bought by Canada, no -- (laughter) -- excuse me, that were bought by another company who will build energy-efficient windows through weatherization. A representative from the company told The New York Times they saw an opportunity to expand their operations as a direct result of the money in the recovery package for weatherization: more jobs.

In a little while, Secretary Donovan and Secretary Chu are announcing the Department of Housing and Urban Development as well as the Department of Energy is joining forces to make a $16 billion -- make $16 billion in the recovery package eligible for retrofitting the existing housing -- $16 billion, a significant commitment, an investment -- (applause) -- investment that will build a whole energy efficiency industry in the United States that's going to create and retain tens of thousands of jobs, lower energy costs of vulnerable low-income households and reduce greenhouse gas emissions.

This partnership is exactly the type of leadership and ingenuity that we need to get this economy going again. So we're here. We're here to listen. We're here to learn. And first, I'd like to recognize my congressional colleagues to make a few brief statements. And then what I'd like to do is move to our first panel.

Senator Specter.

THE WHITE HOUSE

Office of the First Lady

_____________________________________________
For Immediate Release February 26, 2009

Remarks by the First Lady
to the U.S. Environmental Protection Agency

U.S. Environmental Protection Agency
Washington, D.C.

11:14 A.M. EST

MRS. OBAMA: Wow. (Applause.) What a crowd. (Applause.) No, look at you! (Laughter and applause.)

I am delighted to be here in this beautiful room with -- it's about a thousand of you all here. That's a good thing. (Applause.)

I want to thank Administrator Jackson for that kind introduction. With 16 years working here as one of your colleagues before moving to New Jersey and serving in its Department of Environmental Protection, Administrator Jackson is ideally suited to lead this department at this critical time for our nation and our planet. (Applause.) So Lisa, welcome home. (Applause.)

And to the hardworking men and women of the EPA: It's a new day. (Applause.) It's a new day. And the truth is, we can't wait one more minute. The recently signed recovery package includes billions of dollars for the EPA to continue to clean up our communities and improve the health of our fellow Americans. The time is now.

I've often spoken about my most important job –- being a mom –- and like mothers and fathers everywhere, the health and safety of our children is our top priority. This is what it is all about: the future.

And in many ways, it starts with all of you. You ensure that the water we drink is safe, that the air we breathe is clean, and that the polluted fields and abandoned factories in our neighborhoods all over this nation are cleaned up and restored.

Having grown up on the South Side of Chicago and spent a good part of my career working to help families in low-income communities, where I've seen brownfields piling up and affecting kids all over this nation, I know firsthand the role the EPA has in reducing illnesses such as asthma and lead poisoning that can start in childhood but have a long-lasting effect in adulthood. There are thousands and thousands of children across this country that are affected each and every day.

This new era also puts the EPA at the center of President Obama's highest priorities: securing America's energy independence and securing the future of our planet by combating climate change. (Applause.)

We now have a President who is going to put science at the heart of our environmental policies and decisions. (Applause.) By doing so, the President, the EPA, and other agencies working on energy and the environment are going to start to champion bold policies and make smart investments that are going to do a lot of things: first, create more energy-efficient buildings -- (cheering) -- see, now that's exciting -- (laughter) -- you know you're at the EPA -- (laughter); make our cars and trucks more fuel efficient -- (applause); and double the nation's supply of renewable energy in the next three years. (Applause.)

Your work will not only save our planet and clean up our environment; it's going to transform our economy and create millions of well paying jobs. You know this better than anyone in the country. (Applause.) So there is a lot riding on your shoulders. So as Lisa said, what are you all doing here? (Laughter.) But I know that you are up to the challenge. I can feel it in this room.

As I have visited the agencies over the past few weeks -- and it has been a thrill, one of the best things I do every day -- I have been deeply moved by the character and commitment of the people that I meet during these sessions.

Men and women like you who have dedicated their careers, like the men and women standing behind me, many of whom have been working in this administration, for the EPA for longer than I've been alive. (Laughter.) They don't look it -- (laughter) -- but when you start adding up the time -- (laughter) -- there's some serious work going on back here. (Laughter.) But what they are is deeply passionate about the work that they do.

I understand where their desire comes from. I began my career as a corporate lawyer. And while that was rewarding professionally -– and personally, since that's where Barack and I met -- (laughter) -- it's a good thing -- I wanted to work on something though that I felt passionate about. That's when I decided to change careers and begin to work to improve public health in Chicago.

So let me deliver a simple message and a heartfelt message:

Thank you for making the health of our nation all of your passion. Thank you so much. (Applause.) All of our children will grow up in a healthier environment because of the work that you do and the dedication that you bring to the work that you do.

And while the challenges facing our nation are great and there's a lot of work to be done, I am so confident, so very confident, that we'll succeed because we've got devoted professionals like all of you in this room, ready and eager and willing to make the sacrifices to work on behalf of the American people.

But know that you are not alone in this effort. You have a great administrator in Lisa Jackson -- (applause) -- and partners in the White House. (Applause.) You have partners in the White House who believe and understand these issues. And you also have the unwavering support of a phenomenal President, Barack Obama. (Applause.)

So Barack Obama is going to need you, Michelle Obama is going to need you, Malia and Sasha Obama are going to need you, and millions of children just like them are going to need you rolling up your sleeves and rededicating and recommitting, knowing that the work is going to be tough. But everything you do, every piece of blood, sweat and tears that you pour into the work is going to make the difference in our nation, in our planet.

So get to work. (Laughter.) Thank you so much. (Applause.)

END 11:21 A.M. EST

REMARKS BY THE PRESIDENT
ON THE FISCAL YEAR 2010 BUDGET
Dwight D. Eisenhower Executive Office Building, Room 350
February 26, 2009

9:55 A.M. EST

THE PRESIDENT: Before I begin, I have some good news to report. Starting today, the recently unemployed will benefit from a COBRA subsidy that will make health care affordable. At a time when health care is too often too expensive for the unemployed, this critical step will help 7 million Americans who've lost their jobs keep their health care. That's 7 million Americans who will have one less thing to worry about when they go to sleep at night. Equally important, it prevents a further downward spiral in our economy by ensuring that these families don't fall further behind because of mounting health care bills. And it is a direct result of the American Recovery and Reinvestment Act that I signed into law the other week -- a recovery plan that has only just begun to yield benefits for the American people.

But while we must add to our deficits in the short term to provide immediate relief to families and get our economy moving, it is only by restoring fiscal discipline over the long run that we can produce sustained growth and shared prosperity. And that is precisely the purpose of the budget I'm submitting to Congress today.

In keeping with my commitment to make our government more open and transparent, this budget is an honest accounting of where we are and where we intend to go. For too long, our budget has not told the whole truth about how precious tax dollars are spent. Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan. And that kind of dishonest accounting is not how you run your family budgets at home; it's not how your government should run its budgets, either. We need to be honest with ourselves about what costs are being racked up -- because that's how we'll come to grips with the hard choices that lie ahead. And there are some hard choices that lie ahead.

Just as a family has to make hard choices about where to spend and where to save, so do we, as a government. You know, there are times where you can afford to redecorate your house and there are times where you need to focus on rebuilding its foundation. Today, we have to focus on foundations. Having inherited a trillion-dollar deficit that will take a long time for us to close, we need to focus on what we need to move the economy forward, not on what's nice to have. That's why, on Monday, I held a fiscal summit to come up with a plan to put us on a more sustainable path. And that is why, as we develop a full budget that will come out this spring, we're going to go through our books page by page, line by line, to eliminate waste and inefficiency. This is a process that will take some time, but in the last 30 days alone, we have already identified $2 trillion in deficit reductions that will help us cut our deficit in half by the end of my first term.

For example, Agriculture Secretary Vilsack is saving nearly $20 million with reforms to modernize programs and streamline bureaucracy. Interior Secretary Salazar will save nearly $200 million by stopping wasteful payments to clean up abandoned coal mines that just happen to have already been cleaned up. Education Secretary Duncan is set to save tens of millions dollars more by cutting an ineffective mentoring program for students, a program whose mission is being carried out by 100 other programs in 13 other agencies.

We've targeted almost $50 billion in savings by cracking down on overpayments of benefits and tax loopholes -- that is money going to businesses and people to which they are simply not entitled.

This is just the beginning of the cuts we're going to make. No part of my budget will be free from scrutiny or untouched by reform. We will end no-bid contracts that have wasted billions in Iraq and end tax breaks for corporations that ship jobs overseas. And we'll save billions of dollars by rolling back tax cuts for the wealthiest Americans while giving a middle-class tax cut to 95 percent of hardworking families. But we'll also have to do something more -- we will, each and every one of us, have to compromise on certain things we care about, but which we simply cannot afford right now. That's a sacrifice we're going to have to make.

Now, I know that this will not always sit well with the special interests and their lobbyists here in Washington, who think our budget and tax system is just fine as it is. No wonder -- it works for them. I don't think that we can continue on our current course. I work for the American people, and I'm determined to bring the change that the people voted for last November. And that means cutting what we don't need to pay for what we do.

Now, what I won't do -- as I mentioned at the Joint Session speech a couple of days ago -- what I won't do is sacrifice investments that will make America stronger, more competitive, and more prosperous in the 21st century; investments that have been neglected for too long. These investments must be America's priorities and that's what they will be when I sign this budget into law.

Because our future depends on our ability to break free from oil that's controlled by foreign dictators, we need to make clean, renewable energy the profitable kind of energy. That's why we'll be working with Congress on legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy.

And to support this effort, we'll invest $15 billion a year for 10 years to develop technologies like wind power and solar power, and to build more efficient cars and trucks right here in America. It's an investment that will put people back to work, make our nation more secure, and help us meet our obligation as good stewards of the Earth we all inhabit.

Because of crushing health care costs and the fact that they drag down our economy, bankrupt our families, and represent the fastest-growing part of our budget, we must make it a priority to give every single American quality, affordable health care. That's why this budget builds on what we have already done over the last month to expand coverage for millions more children, to computerize health records to cut waste and reduce medical errors, which save, by the way, not only tax dollars, but lives.

With this budget, we are making a historic commitment to comprehensive health care reform. It's a step that will not only make families healthier and companies more competitive, but over the long term it will also help us bring down our deficit.

And because countries that out-teach us today will out-compete us tomorrow, we must make excellence the hallmark of an American education. That's why this budget supports the historic investment in education we made as part of the recovery plan by matching new resources with new reform. We want to create incentives for better teacher performance and pathways for advancement. We want to reward success in the classroom. And we'll invest in innovative initiatives that will help schools meet high standards and close achievement gaps, preparing students for the high-paying jobs of tomorrow -- but also helping them fulfill their God-given potential.

These must be the priorities reflected in our budget. For in the end, a budget is more than simply numbers on a page. It is a measure of how well we are living up to our obligations to ourselves and one another. It is a test for our commitment to making America what it was always meant to be -- a place where all things are possible for all people. That is a commitment we are making in this, my first budget, and it is a commitment I will work every day to uphold in the months and years ahead.

I want to thank all of you for being here, but I also want to give a special thanks to Peter Orszag, Rob Nabors. They have been working tirelessly in getting this budget prepared, getting it out in a timely fashion. They're going to be doing more work in the weeks to come. And I am absolutely confident that as messy as this process can sometimes be, that we are going to be able to produce a budget that delivers for the American people.

All right. Thank you.

THE WHITE HOUSE

Office of the Vice President

________________________________________________________________

For Immediate Release February 25, 2009

9:42 A.M. EST

THE VICE PRESIDENT: Thanks for being here. I know each one of the Cabinet members here has urgent business to attend to, but we're meeting here today because the passage of the recovery act is just really the first step. We have to actually get this money out the door. We've got to make sure that we're able to answer this economic crisis. And in order to do that, we've got to do something that's somewhat unprecedented.

And that is -- and we got to follow the money here in a way that we -- it's working exactly like we intended it to. How far and fast we travel on this road to recovery is going to depend a lot at the front of this -- this is only one of three pieces the President laid out last night. The recovery act is not going to solve our problem. But if we don't -- if we don't get this moving and get it moving well, it's going to impede the ability of the Secretary of Treasury and the Director of OMB to do the two pieces they're putting together, which are major chunks of the overall recovery the President talked about last night.

Already this week we've announced that 95 percent of Americans are going to see their paychecks go up because the withholding taxes are going to fall. And that will be no later than April 1st. And we've already announced that the first tranche of recovery money is being given to the states. Just 10 days after the bill was signed, $15 billion to help health care for children and seniors and the needy is already on the way.

And today, the Department of Housing and Urban Development is taking the first step to awarding $10 billion to state and local governments to fund and create jobs through projects making public housing more energy efficient, making improvements in affordable housing; and also, making sure that we actually begin to fund the lead-based paint removal program -- all of which are going to not only increase the public health but -- and energy efficiency -- but they're going to create jobs. And next week, we'll have more announcements about the next step in getting our investments out the door and putting them to work creating jobs and beginning to grow this economy.

But the purpose of today's meeting is the day after -- hours after the President made his Joint Session speech -- is to discuss the next steps -- precisely how are we, the Cabinet members, going to be able to implement this legislation. From my consultation with some of you -- and I've gotten a chance to meet with almost all of you directly and individually already -- is that there's an awful lot of conversations taking place between our staffs in the preparation to making sure this money is spent both quickly but efficiently.

So today's purpose -- you not only want to hear me talking to you -- how you're going to go about this. And we're going to do this once a week, as we kick this thing off, to make sure we know exactly what we're doing.

Again, this has never been done before. We've never been in a position where this much money with this much need with this much urgency is available, and the need for us to follow the money in ways we haven't done before. And this is the first step. We've got to go through the same process, as you all know, with the governors and with the mayors and with all the recipients of these funds.

In the last week, President Obama and I have met with many of our nation's governors and many of the mayors, and we reminded them all what this Economic Recovery Act is about: It's about making a difference in people's lives. It's about giving people who are out of work or at the risk of losing their job or risk of losing their health care, to help them get through some tough times. And it's about breaking ground for projects that have been long neglected or have been long needed -- roads, bridges, dams, levees.

It's about putting money into our schools. And it's about investing in health care technology. It's about making a real commitment to renewable energy, energy efficiency, stronger energy infrastructure, in the name of not only creating jobs, but also laying the foundation for a 21st century energy policy that frees us from dependence upon oligarchs of oil out there.

But above all -- above all, it's about creating and saving jobs now. And so I look forward to working with all of you, and -- both individually and collectively -- and with what's going to be an accountability board. They said last night, don't mess with Joe. Well, this is the guy to don't mess with. (Laughter.)

I want to hear -- and as we go along -- all kidding aside, the purpose of this -- I'm going to be a bit of a pain in the neck. I know you've got a thousand other things to do in your agencies. But we're going to have -- we're going to do this weekly. We're going to make sure that I know -- you've got to let me know what roadblocks you encounter. You've got to let me know any way that, through the Vice President's office, I can clear the way of some of the bureaucratic structures you're running into; also, if you're running into any headwind when you get out there in the states, you get out there in the cities. This is just a different deal.

Governor, I know you've done this as a governor. Those of you -- Janet Napolitano is a governor, as well -- you're used to doing a lot of this. We're going to be looking to you to figure out how we actually break the logjam of some of this.

What I don't want to have -- we're going to have a web site up there -- I don't want to hear that we've sent money out to renovate a school in a particular city, in a particular state -- it will be up there. All the press will see it on the web site. The neighbors and the community will see it. What I don't want to see, Peter -- I don't want to get a phone calling saying, it's been sitting there and nothing has happened for three weeks; now it's five weeks; then it's seven weeks. Well, I see two trucks there, but I don't see anything happening.

We have got to make sure that we hold as many people accountable, not in a draconian way, but to actually get this done. And up to now, you've never had to -- we've never had to sort of follow the dollar -- follow the dollar beyond where we ordinarily -- other than meeting the criteria, does the state, the county, and the city qualify for it; we cut the check. Well, we're going to be more intrusive than that on cutting the check.

And so every person that any federal dollar flows through has a responsibility to see it's used well. And so it's the fact that millions of Americans are struggling just to get by, that this should be an incentive to ensure that the money we spend is spent well.

And I told the governors -- and maybe it's because I'm a little too blunt -- but I told the governors and told the mayors -- who I think have the best intentions in the world; they know how badly it's needed -- Republican governors and Democratic governors -- but we may sometimes not have the legal authority once we cut the check to do much about it. But I'll tell you what, the moral disapprobation of this office will be used if the money is not being out there spent. I'm going to go on television and say, we gave so-and-so X amount of dollars and nothing is happening -- why hasn't it happened?

I mean, this is -- this is -- as I said, we've never done this before. So the President has appointed one of our toughest Inspector Generals. I'll not go into Earl's background, but all of you around this table know him. He's a no-nonsense guy. And he's going to be helping me and Peter and all of us here follow the money to ensure that it's actually -- it's actually getting out there and working.

So I'm pleased to be working with two people who are way ahead on this already. And I don't know how this guy finds any time to do anything. I tell him, he's got the most wonderful job in the administration, handling the budget.

But what I'm going to do now is turn this over to Peter. I know that the Secretary of Treasury has to go in to see the President right now. Peter is going to have to go in, too. But, Peter, I yield to you for some remarks. And then I'm going to yield, if I can, to Earl. And then we'll get down to business.

DIRECTOR ORSZAG: Well, thank you, Mr. Vice President. I think I just want to emphasize two aspects of the undertaking that we're facing. If we are to achieve the President's goal of creating or saving 3.5 million jobs through this legislation, we need to make sure the money gets out quickly, and also wisely.

And the first principle of getting the money out the door quickly -- you've already spoken about the fact that the first tranche of the relief to states for Medicaid expenses will be made available through the Department of HHS today. Over the next couple weeks, you will also money becoming available in food stamps, unemployment insurance, low-income housing tax credits, law enforcement grants, transportation funding and a variety of other areas.

I saw the governors over the weekend, and I made it clear to them that we will work with them to expedite, provide clear guidance quickly in terms of getting the money out the door, but that, in exchange, we need them to be clear that they're not to park the money in rainy-day funds, which would undermine the purpose of the act and not add to aggregate demand. And they should not use this funding to pay for projects that are basically already done, unless it's very clear the project had absolutely stopped and would not proceed without this money.

The second part of what we need to do, though, is we need to make sure the money is spent very wisely, and that will speak to the accountability and transparency. We are asking the taxpayers for their help in getting the economy out of this recession, and in exchange they deserve accountability and transparency.

We've already stood up a web site, recovery.gov, which I'm told is receiving 3,000 hits a second, which I think underscores the interest in the accountability and transparency surrounding this endeavor.

OMB has also published detailed guidance to all of the agencies, including everyone here, about how to implement the recovery act in a transparent -- in a transparent manner. We have to go beyond normal procedures to a higher level of transparency.

In addition to additional reporting, which all of you have already received guidance on, I would identify the need for sufficient numbers of acquisition and contract officers to oversee the money flowing through the system, to make sure that it is well spent.

So in conclusion, I just would underscore I look forward to working with you and Mr. Devaney and others to make sure we get the money out the door quickly, but also that the money is spent wisely so that we get as much bang for the buck as we can from this historic undertaking.

THE VICE PRESIDENT: Thanks.

Earl.

MR. DEVANEY: Mr. Vice President, thank you very much. As you know, I've been on the job two days, and I've managed to read the recovery act and all of Peter's OMB guidance, and it's a monument task ahead.

I would say that the two goals, if you will, of the accountability board, as Peter mentioned, a big piece of this is the recovery.gov web site. OMB has gotten that up and running, and I think I'll be at some point taking that over and trying to build that into what it's intended to be. It's an historic web site that will allow transparency that we've never seen before. And the goal -- my goal will be for the average citizen to be able to go on that web site and follow the money.

And in large part I think I'll be hearing a lot from citizens, as you mentioned, if they see things that they don't like, and hopefully we'll get some attention to misuse of any of this money.

The second piece of this is to prevent fraud and waste. And I carefully use the word "prevent" because I think in -- if we were going to do this business as usual, IGs would be detecting fraud and waste, as opposed to preventing fraud and waste. I was encouraged last week to attend a meeting of the all of the IGs that have stimulus money in their departments, and was delighted to see that everybody seems to be focusing on trying to prevent waste and fraud, as opposed to just simply detecting it and doing investigations and audits.

So I'm sure those will happen, but on the front end of that pipeline, IG is standing there alongside of the departments. Preventing that waste is I think the way to go and that's what I'm going to be encouraging all the IGs on the board to do.

There are some challenges. I'll just name one. Peter mentioned the lack of resources in procurement work. Pre-9/11 we had about $200 million -- $220 million worth of contracts per year government-wide, and now we have over $500 billion. And at the same -- during the same amount of time the procurement staffs have not risen in the departments; they've stayed the same. So that will be a major challenge for all of the Secretaries to address, to make sure that the staff is available to make this happen quickly and to monitor it once it goes out.

So I'm excited about the opportunity. I know the IGs that are on this board are looking forward to participating and I'm encouraged by the fact that it's -- everybody is treating this -- and my observation is the departments are, as well -- as not business as usual and something that we're going to bring unique talents to that we haven't perhaps done in the past.

THE VICE PRESIDENT: Look, let me conclude, because I know you've got to -- I know you have to go, and then we can get into some detail here.

One of the primary roles that I am to play in overseeing this is to be the vehicle for you to let know what you need: What is it that you need in order to be able to get this job done; if you need to take it the President and me then to go from there to get you what you need to be able to do the job.

For example, procurement officers -- it's going to be a problem; many of you do not have your second-level staff folks, you know, the second tier helping you to move the process up on the Hill. And so I'm going to be asking once a week for a report. There's already one -- Peter, I'm going to ask you to get a report to me from each of your departments once a week, what you did last week, what you plan on doing this week, what it's going to look like next week, what help do you need, where's the shortfall -- just literally, literally a week-to-week update on the progress and your needs, as well as the progress you're making.

And, you know, we've encouraged and Peter has gone out there, and we all have, talking about -- and each of the states will essentially appoint their own IG, their own person who is going to be responsible for all this money coming through. I'm going to be inviting all 50 of those people here to Washington in the next couple weeks, when they're saddled up, and to sit down, and with the help of these two men, sit there and go through with those 50, essentially, counterparts to us in each of the states. We want to know what they're doing, how it administrates with us and how we can help them.

This is a monumental project, but I think it's doable. As you said, we got to stay on top of it and we got to stay on top of it on a weekly basis, because this is about getting this out and spent in 18 months to create 3.5 million jobs and to set -- tee this up so the rest of the good work that's being done here literally drop-kicks us out of this recession and we begin to grow again -- begin to grow again.

So let's -- I thank the press for being here. We're going to get down to some of the nitty-gritty as to how we're going to proceed, and thank you all for coming in. And you'll be reporting here regularly.

END 9:57 A.M. EST

THE WHITE HOUSE

Office of the Press Secretary

___________________________

For Immediate Release February 25, 2009

11:08 A.M. EST

THE PRESIDENT: Good morning, everybody. Last night, I outlined my vision for our common future -- one in which we accept the responsibility to act boldly and wisely to confront the extraordinary challenges of our times, put people back to work doing the work America needs done, and lay a new foundation for America's growth and prosperity.

Today, I'm pleased to announce that I'm filling out my economic team with a man who shares that vision, and who will play a key role in carrying it out as my Secretary of Commerce: Governor Gary Locke.

Now, I'm sure it's not lost on anyone that we've tried this a couple of times, but I'm a big believer in keeping at something until you get it right. And Gary is the right man for this job.

Sometimes the American story can be told in the span of a single mile. More than 100 years ago, Gary's grandfather left China on a steamship bound for America. He had no family here. He spoke no English. He found work as a servant, and purpose in a dream. He raised a son -- Gary's father -- who would go on to fight in World War II, return home and open a grocery store, and later raise a family of his own.

Gary didn't learn English until he was five, but he earned the rank of Eagle Scout, worked his way through Yale University with the help of scholarships and student loans, and got a law degree. He returned to Washington state and served as a prosecutor, a state representative, chief executive of one of the most populous counties in the United States, and finally as governor -- in the State Capitol building not one mile from the home where his grandfather worked as a servant all those years ago.

So Gary knows the American Dream. He's lived it. And that's why he shares my commitment to do whatever it takes to keep it alive in our time.

Because somewhere in America, another small business owner is hard at work on the next big idea and dreaming big dreams for his grandchild. A scientist is on the cusp of the next breakthrough discovery. An entrepreneur is sketching designs for the startup that will revolutionize an industry. Our economic crisis has put these plans at risk, but it has not dimmed the dreams that inspired them.

That's why we've put a recovery plan into action that will save or create 3.5 million jobs over the next two years. That's why the vast majority of these jobs -- 90 percent -- will be created in the private sector, because we know that business, not government, is the engine of growth in this country.

It is entrepreneurship and industry that are the wellsprings of an economy that has been the greatest force of progress and prosperity in human history. It is America's workers and businesses that employ them that will determine our economic destiny. It is the task of the Department of Commerce to help create conditions in which our workers can prosper, our businesses can thrive, and our economy can grow.

That's what Gary did in Washington state, convincing businesses to set up shop and create the jobs of the 21st century -- jobs in science and technology; agriculture and energy -- jobs that pay well and can't be shipped overseas. That's what he did by establishing favorable markets abroad where Washington state's businesses could sell their products. That's what he did by unleashing powerful partnerships between state and local governments, between labor and business -- all with an eye toward prosperity and progress for all those in his state who had dreams of their own.

So Gary will be a trusted voice in my Cabinet, a tireless advocate for our economic competitiveness, and an influential ambassador for American industry who will help us do everything we can -- especially now -- to promote our industry around the world. I'm grateful he's agreed to leave one Washington for another. I'm looking forward to having him on my team as we continue the work of turning our economy around and bringing about a stronger, more prosperous future for all Americans.

Ladies and gentlemen, I want to introduce to you an outstanding public servant, somebody I'm certain will be a great Secretary of Commerce, Gary Locke. (Applause.)

GOVERNOR LOCKE: Thank you very much, Mr. President. I'm truly humbled and honored to be asked to join your economic team and to serve as Secretary of Commerce.

As I flew across the country yesterday from Seattle, I saw the cities and farmlands of America below me. And I thought of all those businesses, small and large, that are struggling -- struggling to meet payroll; struggling to provide benefits to their employees; wondering about their future and viability as companies. Most of all, I thought about all those families in those communities who are hurting and worried about their future.

Mr. President, I know you hear their concerns. The American people and I fully support you and have confidence in your bold strategies to turn our economy around, to rejuvenate the health of American businesses, to preserve and create good family wage jobs, to restore our country to an era of lasting prosperity.

You eloquently outlined your strategies last night on how America will rebuild, recover and emerge stronger than ever before. Working with the professionals at the Department of Commerce, I'm committed to making the Department an active and integral partner in advancing your economic policies and restoring the American Dream to all Americans.

Our nation's economic success is tied directly to America continuing to lead in technology and innovation, and in exporting those products, services and ideas to nations around the globe. The Department of Commerce plays a critical role in nurturing innovation, expanding global markets, protecting and managing our ocean fisheries, and fostering economic growth. The Department of Commerce can and will help create the jobs and the economic vitality our nation needs.

When I was first sworn in as governor of the great state of Washington, I told the story of how a hundred years ago, my grandfather came from China as a teenager and worked for a family as a houseboy in exchange for English lessons -- just one mile from the Governor's Mansion. It took our family 100 years to move that one mile, a journey possible only in America.

And during World War II, my father served in the United States Army as a staff sergeant and landed on the shores of Normandy. As a kid I lived in public housing, and my mom and dad worked very hard in the neighborhood grocery store that they owned.

We grew up on the values of get a good education, work hard, and take care of each other. It was a struggle, but thanks to their sacrifices, I received the best education America offered. And here I am today, proud to have the opportunity to serve all the people of our great nation.

My family's story is America's story. Our story is just one of hundreds of millions since the birth of our nation, of people coming from every part of the world in pursuit of the American Dream of freedom, hope and opportunity. In hard times, Americans have rallied together, sacrificed and even given their lives for our country, because they believe in the essential goodness and promise of America.

Americans are prepared to do the same today. They believe in your leadership, Mr. President, and want you to succeed because they want America to succeed. They want a better future for themselves and their children.

We will harness the resources and the talent of the Department of Commerce to help you fulfill your commitment to the American people to build a stronger and more prosperous nation. I embrace this opportunity to serve you and the American people.

And finally I want to thank my family -- my parents and brother and sisters and the extended Locke clan, but especially my beautiful and truly gifted and loving wife, Mona, and the joys of our lives, Emily, Dylan and Madeline. Today would not have been possible without their love, support and sacrifices. And thank you, Mr. President, for this opportunity.

THE PRESIDENT: Congratulations. You'll be great.

GOVERNOR LOCKE: Thank you.

THE PRESIDENT: All right, thank you everybody.

END 11:17 A.M. EST

THE WHITE HOUSE
Office of the Vice President
REMARKS BY THE VICE PRESIDENT
AT THE FIRST RECOVERY PLAN IMPLEMENTATION MEETING
Roosevelt Room
February 25, 2009

9:42 A.M. EST

THE VICE PRESIDENT: Thanks.

Earl.

And in large part I think I'll be hearing a lot from citizens, as you mentioned, if they see things that they don't like, and hopefully we'll get some attention to misuse of any of this money.

THE VICE PRESIDENT: Look, let me conclude, because I know you've got to -- I know you have to go, and then we can get into some detail here.

END 9:57 A.M. EST

REMARKS BY THE PRESIDENT
AFTER REGULATORY REFORM MEETING
Diplomatic Reception Room
February 25, 2009

3:56 P.M. EST

THE PRESIDENT: Hello, everybody. This afternoon, I met with members of my economic team and some key leaders in Congress to discuss the threats to our financial markets in this new century and how we must transform our regulatory system to meet them.

In recent months, we've seen turmoil on Wall Street like we haven't seen in decades, as major financial institutions have faltered or have been sold off. And we have seen the fallout on Main Street, as the market crisis became a credit crisis, and families struggle to get loans to buy a home or a car, to start a small business or to pay for college.

This financial crisis was not inevitable. It happened when Wall Street wrongly presumed markets would continuously rise, and traded in complex financial products without fully evaluating their risks. Here in Washington, our regulations lagged behind changes in our markets -- and too often, regulators failed to use the authority that they had to protect consumers, markets and the economy.

We now know from painful experience that we can no longer sustain 21 -- 21st century markets with 20th century regulations, and that while free markets are the key to our progress, they do not give us free license to take whatever we can get, however we can get it.

But let me be clear: The choice we face is not between some oppressive government-run economy or a chaotic and unforgiving capitalism. Rather, strong financial markets require clear rules of the road, not to hinder financial institutions, but to protect consumers and investors, and ultimately to keep those financial institutions strong. Not to stifle, but to advance competition, growth and prosperity. And not just to manage crises, but to prevent crises from happening in the first place, by restoring accountability, transparency and trust in our financial markets. These must be the goals of a 21st century regulatory framework that we seek to create.

Our meeting today was a critical first step in developing that framework. And I'm grateful for the legislative leaders who join me here with Secretary Geithner and Dr. Summers. We had a terrific conversation. I think this is an area where there is a growing consensus and where I think the capacity for people from different political parties and different perspectives to come together and solve problems.

I've asked my economic team to develop recommendations for regulatory reform, and then to collaborate with these members of Congress and others from both sides of the aisle so they can start crafting legislation in the coming weeks and months.

We will not always see eye to eye in our work. We may disagree -- and disagree strongly -- about particular provisions. But there are certain core principles that I believe must shape any proposal for reform -- and these are the principles that will guide our work.

First, financial institutions that pose serious risks, systemic risks, to our market should be subject to serious oversight by the government. And here's why. When the Federal Reserve steps in as a lender of last resort, which it's had to do repeatedly since this financial crisis began, it's providing an insurance policy underwritten by the American taxpayer. And taxpayers should be assured that the Fed thoroughly understands the institutions that it is effectively insuring and actively monitoring them to make sure that they're not taking risks that will cost taxpayers in the long term.

Second, our regulatory system -- and each of our major markets -- must be strong enough to withstand both system-wide stress and the failure of one or more large institutions. And that means modernizing and streamlining our regulatory structure, and monitoring both the scale and scope of risks that institutions can take.

Third, to rebuild trust in our markets, we must redouble our efforts to promote openness, transparency and plain language throughout our financial system.

Fourth, we need strong and uniform supervision of financial products marketed to investors and consumers. And we should base this oversight not on abstract models created by the institutions themselves, but on actual data on how actual people make financial decisions.

Fifth, we must demand strict accountability, starting at the top. Executives who violate the public trust must be held responsible.

Sixth, we must make sure our system of regulations covers appropriate institutions and markets, and is comprehensive and free of gaps, and prevents those being regulated from cherry-picking among competing regulators.

Finally, we must recognize that the challenges we face are not just American challenges, they are global challenges. So as we work to set high regulatory standards here in the United States, we have to challenge other countries around the world to do the same. That's how we will stop financial crises from spilling across borders and prevent global crises of the sort that we now face.

In the end, the work of constructing a new regulatory framework will not be easy -- and reform will not happen overnight. But we must never forget that our market has always been the engine of America's success -- rewarding innovators and risk-takers, creating opportunities for generations of Americans and prosperity that is the envy of the world.

And I have the utmost confidence that if these outstanding public servants standing beside me are working in concert, if we all do our jobs, if we once again guide the market's invisible hand with a higher principle, our markets will recover. Our economy will once again thrive, and America will once again lead the world in this new century as it did in the last.

So, thank you very much, everybody.

END 4:03 P.M. EST