As Prepared for Delivery
I am deeply grateful to all of you for being here today. To those who have shared such kind and heartfelt words, thank you—it means the world to me to celebrate this moment surrounded by so many remarkable colleagues and friends, some of whom I’ve had the honor of working alongside for decades.
Reflecting on my journey in economics, it feels extraordinary to stand here today. As a graduate student in James Tobin’s macroeconomics class I came to see economics not just as a fascinating intellectual pursuit but as a powerful tool to uplift lives and create opportunity. Jim’s passion for using economics to address society’s most pressing challenges inspired me and set me on the path I have followed ever since.
My early years as an academic were fulfilling. They gave me an opportunity to contribute to knowledge through research and to spread it through teaching. Yet the ambition to craft policies that could touch millions of lives by serving in government was one that I harbored from the outset and it fueled my desire for government service. Across every role in public service—from my early days at the Federal Reserve to my current role at Treasury—I have witnessed the profound impact that comes from pairing intellectual rigor with moral purpose.
Looking back, it’s striking how life can bring us full circle. Early in my career, as a young staff economist at the Fed, I spent countless hours analyzing the potential economic consequences of a Special Drawing Rights allocation. At the time, it was an obscure tool, one I never imagined would reappear in my career. Yet decades later, in the face of a global pandemic, SDRs became a pivotal contributor to global economic recovery. It’s been gratifying to have had the privilege of helping to shape their use.
Some challenges have remained constants throughout my career. Climate change is one. I first started working on climate change in the 1990s as Chair of the Council of Economic Advisers, advising President Clinton in the lead-up to the 1997 Kyoto Protocol negotiations. Since then, the frequency and severity of climate-related events has only increased, making climate change even more of an existential threat. As Treasury Secretary, I’m proud of our work to implement the largest investment in climate in our nation’s history. It underscores how, even as challenges evolve, the opportunities to address them with determination and creativity also grow.
But climate is just one of many challenges we’ve addressed at Treasury over the last four years. And it wasn’t until I became Secretary that I appreciated the enormity of the breadth and depth of Treasury’s work on so many issues, all of them of tremendous importance for the United States and for other economies worldwide.
Over the past four years, I am proud that we tackled an array of hard issues head-on. We drove an historic economic recovery from the pandemic, one distinguished not only by its speed but also by its inclusiveness. We ensured that investments in manufacturing and clean energy reached people and places that had been long overlooked. We strengthened the resilience of the U.S. financial system while navigating a regional banking crisis, two debt limit impasses, and a downgrade of U.S. sovereign debt. We helped to modernize and transform the IRS. And we pursued wide-ranging work beyond our borders, from rebuilding and deepening our relations with allies and partners, to ending the race to the bottom in corporate taxation, to evolving the missions and operations of the multilateral development banks, to forming a strong global coalition to support Ukraine’s brave resistance in response to Russia’s brutal war.
But more than any achievement, what stands out most to me are you, the people who made it all possible.
I am especially grateful to my family. My husband, George, and our son, Robby, have been my unwavering support system. Their sacrifices and insights have enriched my journey in ways I can never adequately express. Over the last four years, they’ve served literally as my kitchen cabinet.
George and I met in the Fed cafeteria only just weeks into my first stint there. It set a high bar for what I would expect from colleagues! Over the years I’ve been fortunate to work alongside extraordinary colleagues who have consistently exceeded those expectations.
I owe a deep debt of gratitude to President Biden for entrusting me with this role. Serving as Treasury Secretary has been an honor I never envisioned but one I embraced wholeheartedly. I’m also deeply thankful to have been surrounded here at Treasury by brilliant, dedicated colleagues. All of you share a commitment to public service and a belief in its power to transform lives. Let me thank Deputy Secretary Wally Adeyemo, Chief of Staff Didem Nisanci, and our exceptional senior appointees. They are the best partners I could have hoped for on this ride.
To the Treasury staff, you are a national treasure.
There are countless qualities I have valued in working with you over the past four years, so I’ll just mention a few.
First, your fantastic expertise and institutional knowledge, which you have acquired from having steered the Treasury ship for decades. At Treasury, I have had the privilege of working with a team of the world’s top economists, most skilled tax lawyers, best sanctions experts, staff with the greatest experience in community engagement, and more. You exceeded your duty in every way. You have made sure that our policymaking was informed by, and has benefitted, all Americans.
Second, commitment to rigorous, creative policymaking. I saw this in our response to Russia’s war on Ukraine, but also in many other areas, for example, in Treasury’s vast implementation work for the American Rescue Plan and the Inflation Reduction Act.
Third, professionalism and camaraderie. Each and every day, Treasury staff show respect for each other’s talents and opinions; trust each other’s good intentions; and exemplify the collaborative spirit required for sound policymaking.
And last and maybe the most important: seriousness of purpose. I found that Treasury staff are motivated by a commitment to positively impacting people’s lives.
Every day, Treasury decisions affect the lives of Americans and of billions of others around the world. We influence whether someone has a job and is able to provide for themselves and their families. Our decisions move markets, and they change the trajectory of industries. We help determine whether the global community comes together to stand up to dictators and we preserve the stability of the global economy. We not only affect lives today, but also lives in the future. Very few institutions have such potential for impact that is either so wide-ranging or so profound. And every one of you approaches your work with the respect and reverence that befits our awesome responsibilities.
These are not just qualities that I have valued. I strongly believe that our country’s and the world’s economic future depends on a well-managed Treasury Department in which all staff continue to embody the professionalism and integrity that I’ve had the privilege of seeing firsthand.
For my part, I feel that I have had the opportunity to make a real difference, working with colleagues whom I respect and esteem, at Treasury and throughout my career.
So, thank you, from the bottom of my heart, for the opportunity to serve, and for the honor of serving with you.
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