Remarks Announcing the Nomination of Martha R. Seger To Be a Member of the Board of Governors of the Federal Reserve System

The President. I am delighted and honored to announce today that I am nominating Dr. Martha Seger to become a member of the Board of Governors of the Federal Reserve System.

Dr. Seger is a financial economist with extensive experience in business, banking, and government. She has served at both the State and Federal levels as the Commissioner of Financial Institutions for the State of Michigan and as a financial economist for the Federal Reserve Board in Washington, DC. And most recently, she has been a professor of finance at Central Michigan University.

Dr. Seger arrives at a time of optimism and challenge. We received more evidence this morning that our economic expansion continues steady and strong. The leading economic indicators rose again in April, the 18th increase in the last 20 months. At the same time, inflation remains low, contrary to many predictions.

We've begun a new era in America of strong growth and stable prices. And I'm convinced that it results from our program to take America in a new direction—restore incentives to people, stimulate more competition in our economy, but restrain government's ability to spend, tax, and regulate. And I believe that we should press on with even greater determination.

I'm confident that Dr. Seger can and will make a significant contribution, helping us meet challenges of keeping our economy growing and keeping inflation down.

And now, Dr. Seger, we're delighted to welcome you to Washington.

Dr. Seger. Thank you very much, Mr. President. It's really an honor for me to be here today and to be nominated for what I think is probably one of the most important jobs in the world.

Thinking back to being a kid in a small town in Michigan during World War II and having my parents tell me that I lived in the greatest country on Earth and that, while most people knew all about their rights as citizens, that we also had duties and responsibilities—then, I never dreamed that I would one day have an opportunity to serve my country in this type of job.

I'm really grateful. And again, I'd like to thank the President, because I support everything he's doing, and I think that getting our economy back on track is the best way to keep America great.

Thank you very much.

Mr. Volcker. Mr. President, if I could just add my word of welcome on behalf of the Federal Reserve Board to Dr. Seger. We're delighted this day has come. It's a particularly appropriate day. We happened to be meeting with the Chairmen of the various Federal Reserve Banks today, so they were able to come over here and have a chance to meet Dr. Seger. Beyond that, we would be happy even if it wasn't that day. It's particularly opportune. And we are well aware of the breadth of her background, the kind of experience that she's had, that I'm sure is going to be a very fine addition to our system. And we're delighted.

The President. Lest anyone is suspicious, she was a victim recently of an unfortunate accident. This is not from twisting. [Laughter]