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Remarks to the Business Council the beginning of the post-cold-war era with February 23, 1994 a whole new awareness in our country of the extent to which all our affairs were shaped Thank you very much, Bob, and thank you, by a global economy which we can no longer ladies and gentlemen. I was glad to walk in totally control or even largely dominate, and here and see the Attorney General. I just saw that we had profound questions to face on , the Treasury Secretary. He the eve of not only a new century but a new said, ‘‘I’ve heard this speech before. I think millennium, which would determine whether I’ll leave.’’ [Laughter] Mr. Panetta, how are or not we would go into that new millennium you? Is anybody working in the Federal Gov- stronger, better, and more well positioned to ernment? make sure that it wouldn’t be only the 20th I am delighted to be here, and I thank century that would be known as the Amer- you for the invitation to come by. I have seen ican century in the history books. many people in this audience on various oc- I have always believed that the purpose casions to talk about different issues over the of politics in our country is to get people to- last several months. And I’m glad to see so gether and to get things done. Therefore, I very many people in the administration here have always sought and often achieved part- tonight to have the opportunity to speak with nerships sometimes with allies that were un- you. We have tried to maintain close ties to usual in the cause that was plainly good for the American business community and to the public. I want to thank those of you who work in partnership on as many issues as we were part of those partnerships last year, part possibly could. of our efforts to reduce the deficit or to pass As all of you know, the Business Council NAFTA or to get the GATT agreement done, was formed in 1933, a pretty tough year for or to reduce export controls or to start a gen- this country, to help President Roosevelt pull uine defense conversion initiative or to help America out of the Depression and move it prove that we could pursue an environmental forward. This group provided guidance on a policy that would be good for the environ- number of profoundly important issues then, ment and also good for the economy. I also and I believe has a very important role to want to challenge you to keep talking with play today. us as we face the problems that lie ahead Most of you know that with the help of this year and in the years ahead. Bob Rubin, the National Economic Adviser, I have tried to address the issues that the and Alexis Herman, who is here, my special business community talked to me about in liaison to the business community and to the campaign of 1992, the issues that are up- other public groups in the country, I have permost in the minds of most of you who worked in a very disciplined way over the just want a good environment in which to last 14 months to try to seek out the opinions operate. We’ve worked on the budget deficit of people in the business community of dif- and the investment deficit in America. We’ve ferent political parties, different views, both tried to get the growth rate up and to support and sometimes opposition, because produce jobs in the private sector, after years I think it is so important to have a dialog in which most new job growth net was in and for you to believe that there is a genuine the public sector. We’ve tried to address the listening ear in the and a real fact that for more than a decade, health costs interest in trying to work on these problems have outpaced the growth of the economy together. by a factor of two or three, and that we have I’m glad to see Senator Riegle and Senator not been as aggressive as we ought to be as Packwood here. We have a lot of important a nation in opening the world to our products work to do today in this coming session of and services and, at the same time, making Congress. But let me just say, when I took sure our markets were open as well. office it really was the end of one era and In short, I have tried to fashion a role for the beginning of another. The election con- the Government and this time, fit it to this veniently dovetailed, missing by only about time—one that recognizes that the private 3 years the formal end of the cold war and sector is the engine of economic growth, but

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that our Government has a role to play as cuts in defense, in Social Security or Medi- a partner in setting the framework and deal- care and Medicaid and in areas where all of ing with the basic fundamental questions that you believe we should be investing more; or every government must face in dealing with it will be ignored. And if it is ignored, it will the particular challenge of this age and put the Government’s future in the hands time—trying to prepare our country to com- of 40 percent plus one of both Houses, basi- pete and win in the global economy. cally giving minority control over the future The economic plan which the Congress of the country to whoever wants to blackball adopted last year by such a stunning margin any kind of budget proposal made. This is reduced the deficit by $500 billion, cut a gimmick. We don’t need it. We are bringing spending by $255 billion, allocated every new the deficit down. tax dollar to deficit reduction, cut over 300 And I’ll talk a little more about today, a Government programs, including $80 billion little more about what we have to do to bring in entitlement savings over the budget which it down further. Do I think it should be struc- was in place when I took office, much more turally in balance? Yes, I do. But it’s also im- than was thought possible when we began. portant to note that the Federal Government This year’s budget, which I have submitted doesn’t handle its accounts the way most of to the Congress, cuts 379 program lines out you do. We don’t have a capital budget. We of a total of 636 in the Federal budget, elimi- don’t amortize capital expenses. We don’t nates 115 programs altogether. And the Wall separate long-term investments with high re- Street Journal said, and I quote—I’m sure turn from current expenditures that amount the editors will make sure nothing like this to basically consuming the same programs appears again—but they said, and I quote, we’ve had in years past. So I hope that you ‘‘For the next year, discretionary spending will support budget discipline but oppose the will actually fall by $7.7 billion without ad- balanced budget amendment. justing for inflation. That has not happened The second point I’d like to make is this since 1969.’’ This budget reduces Federal administration tried to prove once again that employment by 118,000, more than the open trade is a bipartisan American commit- 100,000 this year recommended by the Vice ment, that we have never done very well President’s reinventing Government com- when we tried to close our borders or be mission. protectionist, but that if we are going to open If we stay on the path we are now on, by our borders and push for open trade in a 1998, the National Government will be world economy where we are 22 percent of smaller than it has been in 30 years, the defi- the world’s GDP as opposed to 40 percent, cit will be $200 billion a year less than it which we were at the close of the Second was projected to be when I took office and World War, we have to demand equal access before our plan passed, and for the first time to our goods and services. since Harry Truman was President, there will We worked on NAFTA. We worked on be 3 years of declining deficits in a row. The GATT. We worked on a national export strat- deficit as a percentage of national income is egy, supported strongly by the Secretary of now as low as it was in 1979, before the defi- Commerce, who is here, and also the Sec- cits started to explode. In other words, we retary of State, who came in. And I want to have restored fiscal discipline to this budget say, for the first time in a long time, we’ve and to this Government without gimmicks or got the State Department and our Embassies without fooling with the Constitution. all around the world genuinely working on I hope that the budget I have presented promoting American economic interests, that and the record established by the Congress the commercial desks mean something there last year will be sufficient to persuade at least now, and we are really trying to do this in most of you that we should not pass the bal- a disciplined, comprehensive way that I be- anced budget amendment because it would lieve is very, very important. mandate one of two things: either significant The Saudi purchase of the Boeing and tax increases which could imperil the eco- McDonnell Douglas aircraft I hope—it may nomic recovery along with cuts, significant be the biggest—but I hope it’s only the first

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in a long line of examples of partnership in- be a lot of chaotic events that can be made volving, in this case, three Cabinet members, much worse by irresponsible conduct by oth- the President’s Chief of Staff, and many oth- ers, we need some leverage in this area. And ers working to see that we got a contract that I hope we can reach agreement on what the American business earned on the merits, the proper balance is. kind of contract we have too often lost in I am very proud of where we are to date. the past for reasons having nothing to do with If you look at the last year, we’ve had a very the merits. And I’m very proud that that hap- good year. I appreciate what Chairman pened. Greenspan said about it in his congressional We lifted export controls on $37 billion testimony yesterday. Business investment of high-technology equipment in the tele- was up 18 percent in 1993. There was a communications area and the computer area record number of public offerings for high- that had no relevance to the post-cold-war tech companies. Durable equipment expend- era. And it will be a very significant and im- itures were at their fastest pace in 20 years. portant contribution to economic growth. The private sector provided for over 90 per- I have approved for announcement tomor- cent of the nearly 2 million jobs created by row a new export administration act which the American economy in 1993, which, as I will be significantly better than the present said, is a reversal of the trend of recent years law. I want to be candid with you: A lot of when many of the new jobs were coming you won’t like it all because we do provide from Government. for the continuation of the capacity of the These are things that I think are very, very President and the Government to restrict ex- important. Yesterday Mr. Greenspan said— ports for reasons that appear to be good and I’ve got his quote. I wouldn’t have quoted sufficient. I urge you to look at what we will him if I had known he was going to be here; recommend, evaluate it. If you think it is wrong, tell us and work with us. I would just ask him to stand up and speak But remember this: One of America’s con- and I’d sit down. [Laughter] But he said, and tinuing responsibilities is to try to do what- I quote, ‘‘The deficit reduction package ap- ever we can to deal with some of the prob- parently had a salutary effect on long-term lems that will replace the terror of the nu- inflation expectations. The outlook for the clear age, in all probability, in the 21st cen- economy as a result of subdued inflation and tury. One of those big problems is the pro- still low long-term rates is the best we’ve seen liferation of weapons of mass destruction, not in decades.’’ That is the environment we just nuclear weapons but biological weapons want to preserve. It is the basis which will and chemical weapons and the vast prolifera- permit you to create success for the Amer- tion of conventional but high-tech weapons ican economy. that can do a lot of damage in a short amount The question then is, what is our role, and of time. what are our responsibilities? What things do So we will, for the foreseeable future, as we need to do, and what things do you need a nation have certain responsibilities that I to help us do well? First, I think it is clear believe require us to maintain the ability to to everyone here—and I might mention I’m do some things in the area of export control glad to see my friend, David Kearns, because that may be difficult for everyone from time he’s done so much work on education—that to time. So I urge you to look at the act, we’re still a long way from where we need evaluate it. If you think we’re wrong be as to be in the education and training of the specific as you can and tell us why, because American work force. We are supporting we want an honest dialog on this. I think you some bills which have enjoyed significant bi- know that I am for more trade. And I think partisan support and business support in the you know I want to listen if you think we’re Congress that will enable us to enshrine in wrong on this. So I think we’re on the same law the national education goals and promote wavelength, but we do believe that this ad- local experimentation, everything from char- ministration and its successors for the fore- ter schools to public school choice, in the seeable future, in a world in which there will Goals 2000 bill.

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We are supporting opening the doors of mobility if, instead of waiting for people pas- college opportunity to everyone with a stu- sively to run out of their unemployment and dent loan program now that has lower inter- then start looking for a job which, because est rates and better repayment and will allow they haven’t acquired a new skill, will prob- up to 100,000 people in 3 years to be part ably not pay what their old job did, if we of a national service program to earn some start immediately, as soon as people are un- money against their college costs by working employed, retraining them for a job that is in their local communities. relevant to the future. We are supporting a school-to-work pro- I think this is a profoundly important gram which will build on the apprenticeships structural change that we have got to make which now exist in some States and some in- if we want labor market mobility, if you want dustries but which are not uniform through- a pool of trained workers. And we don’t want out the country. Most Americans will not get a lot of alienated, hard-working Americans and do not need to have 4-year college de- who think that they went all over the country grees to have good jobs. But the economic looking for decent jobs, they have played by data is clear, 100 percent of the American the rule, and they can’t find a place in life. people coming out of high school now need So I hope you will help us this year to pass at least 2 years of some kind of further train- the reemployment system. ing, whether in the work force, in a commu- The next thing I hope you’ll do is to help nity college, in the service, in a blend of all. the Attorney General to pass a good crime But if you look at the income differentials, bill. We had a bunch of people in from Cali- it is shocking. fornia today to talk about earthquake relief, The unemployment rate for people who and I couldn’t help noting that yesterday in drop out of high school is 5 percent higher California—you may have seen it on the than it is for high school graduates. That un- news—a 45-year-old mother of two who had employment rate, in turn, is 2 percent higher been a policewoman for 4 days was gunned than it is for people that have 2 years of col- down by a teenager who just murdered his lege. That unemployment rate, in turn, is an- father with a semiautomatic weapon—one other 2 percent higher than it is for 4-year week, less than one week after she had be- college graduates. Average income is $4,000 come a police officer. lower for high school dropouts than for high This crime issue is a complicated one. It school graduates, which is—their incomes is easy to demagog and difficult to do much are $4,000 lower than for people who have about. But there are things we can do. We had 2 years of college, and their incomes are know there are things that work. We know about $8,000 lower than people who grad- that if we had the same ratio of police to uated from college. So it’s clear that this violent crimes today we had 35 years ago, country has a national interest in at least get- and the police were walking the streets, ting people through high school and with 2 working with the neighbors and the kids in years of further education and training. the neighborhood, that the crime rate would And finally, I hope, as major employers, go down, not just because of more arrests you will help us when the Secretary of Labor but because there would be fewer crimes. and the Secretary of Education come for- We know that. ward at the end of the year or later in the If you look at the experience of Houston, year with this reemployment system. The un- where, in the last 15 months, there was a employment system on which payroll taxes 22 percent drop in crime and a 27 percent are paid today is based on an economy that drop in the murder rate—and coincidentally, no longer exists. People are not normally the mayor got reelected with 91 percent of called back to the job they are laid off from. the vote; I think there was some connection But that is the premise of this unemployment there—if you look at what they did, it was system. That’s the whole basis of the feud the deployment of more police officers in a attacks. And it doesn’t work anymore. better, smarter way, more relevant to the ex- We believe we can cut down on costs over istence of the people in the communities. I the long run and dramatically increase labor see Mr. Lay nodding his head there. That

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is what happened. I’ve seen this happen losing their health care before they are old place after place after place. enough to get on Medicare. And a lot of This crime bill also provides not only stiff- other companies that are critical to our eco- er penalties for serious offenses but also pro- nomic future are bearing massive burdens vides more money for drug treatment for because of that. We have some American people, facilities, and alternatives to incarcer- companies now spending almost 19 percent ation, opportunities like boot camps for first- of payroll on health care. time nonviolent offenders. We can have a We know that there is massive cost-shifting smart, as well as a tough, crime bill. in our system because of totally uncompen- I hope you will help us to pass a sensible sated care and because Medicare and Medic- welfare reform bill this year which recognizes aid, especially Medicaid, often don’t reim- that welfare should be a second chance, not burse our physicians and hospitals for the full a way of life, that cracks down on child sup- cost of their care. We know small businesses port enforcement and provides education pay 35 to 40 percent more in premiums for and training and child support and moves the same health care coverage that big busi- people into the workplace. ness and government pay. I hope you will support the administra- We know that if something doesn’t happen tion’s antidrug strategy. I know that Lee and present trends continue, that we’ll be Brown was here. And I see Jim Burke over spending over 18 percent of our gross domes- here. I should let him come and give a tic product on health care by the end of the speech for it. But we have a significant in- decade. And if present trends continue, none crease in funds to help us deal with drug of our competitors will be over 12, which problem areas in this country. And it’s an means we’ll be at a 50-percent disadvantage. important time to take a stand on this be- We know that some of this is unavoidable cause of the disturbing evidence that there because of factors, good and bad. The good is now an increase again in drug use among factors are that the United States invests young people because they think it may be more in medical research and medical tech- more acceptable. And it’s no more acceptable nologies, in academic health centers. A lot or no less dangerous than it was last year, of you in this room are probably on the board the year before, or the year before. This is of various academic health centers. And that a cultural thing we have to change. And we’re is an important part of our economy, an im- trying to make a beginning on that. portant part of our quality and way of life, Finally, let me say a couple of words about and we wouldn’t give it up for the world. health care. We spend 14.5 percent of our And we shouldn’t. And we pay a premium income on health care. No other country ex- for that in our health care system. cept Canada spends over nine. They are at We also know that this country is more about 10. , who has done such violent than other countries. We have higher a great job as head of the Small Business rates of AIDS than a lot of countries. We Administration, probably because he’s quali- have bigger, therefore, bills at the emergency fied—it wasn’t a political appointment in that room, more people cut up and shot and get- sense; he spent 20 years helping people start ting expensive care than other countries. businesses—says that we’re servicing less That’s something we would gladly trade in, than all of our people with 14 percent of our and we’re trying to find out how to trade revenues and other countries are servicing it in. But until we trade it in, we’ll pay a all of theirs within the range of nine. That premium in our health care system for that. doesn’t make any sense. And no company And it’s wrong for us to pretend that health could survive like that in a competitive envi- care reform on its own terms can close the ronment. I think that is one of the problems. gap between where we are and where our We know that every month about another competitors are. 100,000 Americans lose their health insur- Nonetheless, we also know that this is the ance permanently. We know we have signifi- most bureaucratic, the most expensive to ad- cant problems where people who retired minister system in the world, even though early from companies that aren’t solvent are a lot of big companies have found ways to

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have access to managed competition and to I want to be clear on a couple things. squeeze the inflation out of their costs. But Number one, any health care bill that I sign the system is causing us great grief. will pay for itself and contribute to long-term The other thing I want you to under- deficit reduction. It won’t be some pig-in- stand—going back to the budget, because so a-poke that will explode the Government many of you supported the deficit reduction budget in the years ahead. plan—is that every single scenario for every Number two, I do not want to pay for peo- single budget—and you can ask the Budget ple who do not have health care now who Director to attest to this—shows the deficit are in the work force with new broadbased going down for about 3 more years and then taxes. I don’t think it’s right to tax people shows it going right back up when we have who are already paying too much for their flattened all discretionary spending, when we own health care to pay for somebody else’s. have continued to decrease defense, only be- Number three, a lot of the doctors who cause of exploding health care costs overtak- have read this program actually like it. We ing everything else in the budget. consulted with hundreds and hundreds of So that if we do not reform the health care doctors, and I had a doctor in my office a system, if we don’t do something to get costs couple of weeks ago that put together an or- under control and to provide coverage to ev- ganization with several thousand other doc- erybody to stop the cost shifting, then you tors who worked for him. He said, you know, will see an exploding Federal deficit as we if people understand what’s really happening to medicine, they would like this. It gives move toward the end of the century. And doctors more protection than the present, you may want us to spend more money on— the status quo will, unless we do something what will the world look like by then—on to change it. job retraining, on export promotion, on de- The fourth thing I want to say is, the nub fense conversions, on the development of of this is something I would hope you would dual-use technologies, on whatever, and we agree with me on. The nub of this is, you won’t have it because all of our new money cannot solve this problem of cost-shifting and will be going to health care—everything— of inflation until you do one thing: find a and not more money for new health care, way for everybody to have access to health but more money for the same health care. care and to pay for it, so that somebody else You may say, ‘‘Well, inflation is down in doesn’t have to pay for it. Then if you want health care costs.’’ Inflation has gone down to control costs, there has to be some com- in health care costs every time there has been petitive pressure. That is, the consumer has a serious attempt to reform the system. It to know what the health care bill is, which went down in the Nixon administration when is why in our plan employees have to contrib- President Nixon proposed almost the same ute as well as employers. And there has to plan that I’ve proposed. And then it started be some competitive pressure, which is why right up again. So I would say to you, we we proposed the most controversial part of have to find a way to deal with this. this from the point of view of most large em- The Congressional Budget Office, in eval- ployers, which is the whole alliance structure. uating our program, confirmed our analysis And I will just say this about the whole that our plan would pay for itself and contrib- issue of alliances. I do not want to create ute to deficit reduction, and it would reduce a new Government bureaucracy. I want to health care spending—listen to this—$400 find some way to recreate the same economic billion between the years 2000 and 2004. In reality that the farmers’ co-ops did when they the short run, we had differences with the were organized. In other words, if you want CBO; they said that our program would cost to have community rating, which I think is a little more of Government money and save very important to this, so you don’t have real a little more in private sector money, by the rating discrimination, especially for small way, than we had estimated. But we’ve had businesses, if you want to have real commu- these kinds of differences before, but we nity rating, you have to have a way to aggre- worked them out. gate at least the smaller purchasers into big

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enough units so they can buy on the same income person, you have to get your own. terms that most of you can. And if you don’t You can have an individual mandate on ev- do it, you can legislate community rating all erybody, but the problem is, look at the prob- you want, and it won’t happen. The State of lems States have right now in enforcing the New York has legislated community rating. automobile liability requirement. But it doesn’t necessarily happen. So there is no easy way to do this. If this So if you don’t like this, then tell me how were easy, it would have been done 60 years you would do it. Somebody says, ‘‘Well, make ago when Roosevelt tried to do it or 20 years these alliances voluntary.’’ Washington State ago when President Nixon tried to do it or made them voluntary. Look at the Washing- in the Carter administration. This is not an ton State plan. Anybody that wants that in- easy thing. But we have reached a point— stead of mine, step forward. The alliances are if you look at the trends in the Federal budg- voluntary in Washington State because there et, if you look at how we’re spending our is one plan and one fixed price. If you fix money in our economy, if you look at how the price, you’ve got community rating. So every last red cent you spend needs to be Washington State can make the alliances vol- evaluated in a globally competitive context, untary because the small businesses want to we have reached the point where, on sheer get in so somebody else will handle all their grounds of humanitarianism for the working paperwork for them. It’s a heck of a deal. people of this country—and most people And the price is already set. The Congress without insurance work, and they pay their won’t do what Washington State did, I pre- taxes to give health care to people who don’t dict. We want to see competition and market work today—so on the grounds of humani- forces, not price fixing. But that is a possible tarianism and self-interest, we need to do option. I don’t think it’s going to happen. this. The point I want to make is this: This is If we care about what the Federal budget a complicated thing. There are no easy an- is going to look like 5 or 10 years from now, swers. My bottom line is I can no longer jus- and you don’t want to see ei- tify why America spends more and does less ther gray or bald within 2 years, we have got than anybody else with a system that threat- to face this question. We have tackled it and ens to bankrupt the Government, paralyze danced around with it and struggled with it our ability to invest in the future and to grow and piecemealed it, literally, for six decades and to be a good partner with the private now. And I believe the time has come to act. sector, and that promises to charge you more If you can help us get wired together on and more every year in cost-shifting once you the basic principles of coverage for every- have squeezed all you can squeeze out of body, an end to cost-shifting, responsibility your ability to compete by your size and your for individuals as well as employers in sharing disciplined organization, which is what most some of the cost, we can work out the rest. of you have been able to do the last 2 or And we need less rhetoric and more commit- 3 years. ment to try and to solve what is a huge prob- So what I’m asking you for on behalf of lem for all Americans. myself and the Congress, including Members We’ve got a lot on our plate this year. But in the other party like Senator Packwood, I didn’t run for this job just to come to nice who really want to see something done on dinners. I thought you hired me to get things this, is to be our partner in this. You know done. I can’t do it unless you help. But help- based on your experience that everybody is ing means not only being critical but being going to have to be covered. And there is a critical part of the solution. only—in my opinion, there are only three Thank you very much. ways to do it. You can have a tax and do NOTE: The President spoke at 7:12 p.m. in the it the way the Canadians do. You can require ballroom at the Park Hyatt Hotel. In his remarks, employers to cover it, the way most people he referred to David T. Kearns, former chairman are covered here. You can have a mixture of Xerox and former Deputy Secretary of Edu- the way the Germans do, where employers, cation; Kenneth L. Lay, chairman and chief execu- cover their employees but if you’re a high- tive officer, Enron Corp., Houston, TX; and James

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R. Burke, former chairman and chief executive at Occidental College in California, as Am- officer, Johnson & Johnson, Inc., and chairman, bassador to Finland. Partnership for a Drug-Free America. ‘‘Derek Shearer has a keen intellect and a broad range of foreign policy experience, Statement Announcing the particularly in international economics,’’ the Designation of Jamie Gorelick as President said. ‘‘I am pleased that he has ac- Deputy Attorney General cepted this assignment, and I have full con- fidence that he will represent our country February 23, 1994 effectively and with honor.’’ I applaud Attorney General Reno’s choice of Jamie Gorelick to be the next Deputy At- NOTE: A biography of the nominee was made torney General for the Department of Jus- available by the Office of the Press Secretary. tice. She has ably served my administration Nominations for Under Secretary with great distinction as General Counsel of and an Assistant Secretary of the Air the Department of Defense, and I am con- fident Jamie will continue to bring her sharp Force legal mind, penetrating analysis, and tremen- February 23, 1994 dous management capabilities to her newest The President today announced his inten- assignment. I look forward to working closely with At- tion to nominate Rudy de Leon Under Sec- torney General Reno and Jamie Gorelick in retary of the Air Force, the number two civil- fighting for passage of a tough, smart crime ian position in that branch, and Jeffrey K. bill and to give the American people a Justice Harris Assistant Secretary of the Air Force Department that is innovative in its ap- for Space. ‘‘These two individuals have each given al- proaches and solutions for crime reduction most two decades of substantial service to and law enforcement. their country,’’ the President said. ‘‘I am con- fident their experience and commitment will Statement on Technology serve them well in their important new Reinvestment Awards roles.’’ February 23, 1994 NOTE: Biographies of the nominees were made This marks another major step in our effort available by the Office of the Press Secretary. to protect our national security and promote our economic security in the post-cold-war world. We are investing in projects that will Remarks on Arrival in Groton, create the jobs of the future by exploring Connecticut ideas, developing technologies, creating February 24, 1994 products, and strengthening skills that will keep America strong, militarily and economi- The President. Well, this is hardly the cally. time and place for a speech, but I am de- lighted to be here with Senator Dodd and NOTE: This statement was part of a White House Senator Lieberman, Congresswoman Ken- press release announcing the fourth round of nelly, and your Congressman, Mr. Gejden- technology reinvestment awards. son. We’re here to talk about health care today Nomination for Ambassador to and to talk about the future of the people Finland of Connecticut and the future of our country. February 23, 1994 I also want to say, since I am fairly near Grot- on, that I think most of you probably know, The President today announced his inten- but yesterday Electric Boat was awarded one tion to nominate Derek Shearer, director of of the administration’s Technology Reinvest- the International and Public Affairs Center ment Projects for defense conversion, to help

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