Resignation of W. Michael Blumenthal and Nomination of G. William Miller To Be Secretary of the Treasury

The President has accepted the resignation of Secretary of the Treasury Michael Blumenthal. The President will nominate William Miller, Chairman of the Federal Reserve Board, as Secretary of the Treasury. The President said, "Chairman Miller has, in his tenure at the Federal Reserve Board, established a reputation at home and abroad that will enable him to provide strong, effective leadership for economic policy. He has demonstrated a firm commitment to the defense of the dollar, sound economic policy, the fight against inflation, and strong measures to deal with our energy problem. He has my confidence and support."

The President, Secretary Blumenthal, and Chairman Miller have agreed that the transition will be handled in a manner that will ensure maximum continuity and no interruption of the effective performance at both the Treasury Department and the Federal Reserve Board.