Remarks at the Swearing In of Philip C. Jackson, Jr., as a Member of the Board of Governors of the Federal Reserve System.

Thank you very, very much, Arthur. Governor-designate and Mrs. Jackson, two of my old friends from the House of Representatives, John Buchanan and Tom Bevill, other distinguished members of the Administration, members of the staff of the Federal Reserve Board, ladies and gentlemen:

I am not going to try and compete with Arthur's humor. I can always tell when he has got some sly remark, when he turns and looks at you with that sort of professorial look that you know not what is coming next.

But it is a great privilege and pleasure for me to be here and participate in the swearing in of one of the newest members of the Federal Reserve Board. I think it is a very unique part of the history of the Board that for the first time in a quarter of a century, we are having as a member of the Board a person who has spent all or most of his professional business life in the mortgage banking field.

All of you who work here in this great establishment know very, very well the great importance between the homebuilding industry and the activities of this organization. And I am confident that Mr. Jackson will make a significant contribution to the deliberations of the Board's decisionmaking process.

I think it is highly important for all of us to emphasize now--as it has been in the past and as, I trust, it will be in the future--that the Federal Reserve Board is an independent institution, a very vital, integral part of our total governmental setup, but one that occupies a very unique part in the many workings of the Federal Government.

The Federal Reserve Board has to be independent of the President, the Congress.

The Federal Reserve Board, as I believe it should perform its role, is to protect the interests of 214 million people, to take the broadest possible look at the many intricate problems that we face in our economy not only at home but as well abroad.

On the other hand, I think there has to be communication between the Chairman of the Board and the Congress and the White House, but with that high degree of integrity representing the role and responsibility of the Federal Reserve Board.

And I can assure Dr. Burns and his associates and all that work in this great organization that their independence will be respected, because to do otherwise, I think, would open us to honest and proper criticism that their role is being undercut in the protection of our economy and all of our people.

I am confident that Philip Jackson will be a tremendous asset to this most important organization, and I am delighted to have an opportunity of coming here and coming to the--second floor, is it, Arthur?--without the use of an elevator. [Laughter] It shows that at my advanced age you can still walk up stairs.

But let me say it is wonderful to be here, and I thank you, Arthur, for the invitation and the chance to participate in this very fine occasion. And now I understand, Arthur, you are to perform the function of actually swearing in the Governor-designate, and I am delighted to be a spectator on this occasion.