The President. Good morning, all—my first morning without the Marine Band. It seemed very quiet getting down here.

I want to make an announcement, say a few words about the gentleman I'm about to introduce. This can't be a press conference, and, believe it or not—from purely a time schedule now—and we're already behind schedule. So, we won't be taking any questions but the gentleman I'm about to introduce—and Jim [Brady] will be with you at 2 o'clock this afternoon in the Briefing Room.

And now, the gentleman I'm speaking of is Dr. Murray L. Weidenbaum, whom I've appointed as Chairman of the economic advisory council. He's one of the country's most distinguished economists, a broad background in business and the academic world and government, and he has advised me economically for over 5 years. Now, a good share of that time he didn't know he was advising me, but I was following his writings and his utterances and many times referred to them and referred to him in my own weekly radio broadcast.

In the 1980 campaign, however, he was chairman of the task force on regulation and a member of the economic policy coordinating committee. And I'm looking forward with great eagerness to having him now as my chief economic adviser here and the Chairman of the economic council. So, this is Dr. Murray Weidenbaum. Dr. Weidenbaum. Thank you.

The President. Thank you for taking the position.

Dr. Weidenbaum. Thank you, Mr. President.

The President. And you will all see him at 2 o'clock this afternoon.