Remarks at the Swearing In of G. Bradford Cook as Chairman of the Securities and Exchange Commission.

WE ARE here for the swearing in of the new Chairman of the SEC.

[At this point, Kevin Duffy, United States District Judge for the Southern District of New York, administered the oath of office. The President then resumed speaking.]

Ladies and gentlemen, as you can see from his appearance, Mr. Cook is one of the youngest men ever to be appointed Chairman of this very important Commission. The reason he is receiving this appointment is that his predecessor, Bill Casey, who is now in the State Department, recommended him as the best man to carry on the reforms that Mr. Casey initiated so effectively when he was the Chairman.

Mr. Cook has served, as you know, as General Counsel for the Commission, and his appointment indicates two things, among many others: first, our belief that a young man who has the experience and the ability should not have his age be a bar to his going up to a high position of this sort, and second, that an individual who works within a department, who proves himself there, can be and should be promoted to a higher position after he has proved himself.

So, Mr. Cook, you are going to have to fill some pretty big shoes, but I think you can do it.

MR. Cook. Thank you. First of all, I am honored sir, for probably the greatest privilege of my life, to serve you. You have made a lot of tough decisions in the last 4 years, and I hope that mine aren't quite as tough as yours. I am, of course, honored, also, to be able to follow Bill Casey, whom I greatly admired, and hope I can continue his programs. So I consider this a great honor and I won't let you down.

THE PRESIDENT. I am sure of that. Good luck.

MR. Cook. Thank you, sir.