Department of the Treasury Exchange of Letters on the Resignation of W. Michael Blumenthal as Secretary.

To Secretary Mike Blumenthal

I accept your resignation with great appreciation for the excellent service you have rendered at the Treasury, both for me and for the country.

The policies you have helped me mold and implement, to orient our efforts toward the fight against inflation, to maintain the strength and stability of the dollar, to assure the economic strength of our nation, to protect the integrity of the budget—have all been right and necessary for the wellbeing of the United States and our place in the world economy. These policies will be pursued with consistency and vigor.

You have served the nation well during a difficult period. I admire the strength and steadfastness with which you have presented your views, and I look forward to your continuing help and counsel. Your willingness to serve until your successor takes office will help to assure the smooth continuity in the making of economic decisions.

Mike, you have been a leading example of the readiness of prominent Americans from the private sector to render service in the public interest. As you return to private life, you have my personal best wishes for the future and my thanks for your distinguished service.

Sincerely,

JIMMY CARTER

Dear Mr. President:

This is to confirm to you that I have decided to resign as Secretary of the Treasury. I would like this resignation to be effective as early as possible and, in any case, as soon as my successor is available. I hope that this can be accomplished by the time Congress leaves for the August recess, thus ensuring a smooth transition.

As we discussed, I feel strongly that the time has come for me to return to private life and that someone else should carry on as Secretary of the Treasury in my place. I appreciate your agreeing with this assessment and am delighted to learn that you intend to nominate Bill Miller, Chairman of the Federal Reserve Board, to succeed me. You have made an excellent choice and I am fully confident that Bill Miller will serve you and the country well.

Most importantly, I am certain that he will give you maximum and effective support in your continuing fight for sound economic policies in general and in the pursuit of your anti-inflationary policies in particular. I am convinced that Bill is as dedicated as you and I have been in our efforts to maintain a strong dollar and responsible fiscal and monetary policies.

It has been a privilege to serve as your Secretary of the Treasury for the last 2 1/2 years. I am proud to have had that opportunity and appreciate your offering me the chance to serve.

The assignment has not always been easy. The national and international economic scene has been beset by difficulties for which there is no quick solution. As you know, I think it is vital that you continue to pursue economic policies designed to deal with these problems over the longer run. First and foremost is the issue of inflation, which I hope will remain the major preoccupation of your economic policy. A tight fiscal policy, strict controls on Government spending, efforts to bring the Federal budget under better control, and to reduce Government regulations wherever possible will be the key to success—as will continuing policies to expand the enormous productive potential of the American free enterprise system. At the same time, we must continue to defend the integrity and strength of the dollar and to play a constructive leadership role for a free and open international economic system.

I have every confidence that, with the help of your new Secretary of the Treasury, you will continue to pursue these policies. They are the best guarantees that we will win the fight against inflation while expanding rapidly our domestic energy resources, so as to reduce the intolerable dependence of the U.S. economy on imported oil.

You have my best wishes as you continue to lead our nation and to deal with the many difficult problems we face. I am sure you will have a strong ally in Bill Miller in the future shaping of your economic policy.

As I return to private life, you can count on my wholehearted support in your efforts to achieve these goals.

With best wishes.

Sincerely,

MIKE BLUMENTHAL

W. Michael Blumenthal

[The President, The White House, Washington, D.C.]