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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release June 3, 1999

STATEMENT BY THE PRESIDENT

I am sorry to hear that Alice Rivlin is stepping down as Vice Chair of the Federal Reserve. During my administration, she has served with distinction and integrity both as Vice Chair of the Federal Reserve and as director of the Office of Management and Budget. For many years, Alice has been a steady and strong voice for fiscal discipline, and she deserves much credit for helping usher in a new era of budget surpluses.

Alice has a deep and abiding commitment to the city of Washington, D.C. Her work and advice have played a critical role in helping turn around the finances of our Capital City and putting the District in a better position to reshape its future. I am glad that she will continue her work as Chair of the D.C. Financial Assistance Authority. I thank Alice for her dedication and hard work, and wish her well in the future.

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