Three key facts show what Chairman Greenspan has accomplished. Under his leadership, mortgage rates are down 2.4 percentage points, inflation is down 1.7 percentage points, and unemployment is down 1.9 percentage points.
Not too long ago many people thought we had to live with inflation if we wanted low unemployment. Chairman Greenspan proved this theory wrong: price stability and low unemployment go hand in hand.
I am confident that under Chairman Greenspan, the Fed will keep prices stable. However, he will not be running the Federal Reserve forever. That is why I have re-introduced legislation to make it explicit that long-term price stability is the Fed's primary goal. In addition, I have introduced a bill that will remove an obstacle to other countries adopting the dollar as their currency. Sound money isn't just good for the United States. It's good for everyone."
Thank you Mr. Chairman.