Letter Accepting the
Resignation of Beryl W. Sprinkel as Chairman of the
Council of Economic Advisers
Dear
Beryl:
It
is with the deepest regret that I accept your resignation as Chairman and a
Member of my Council of Economic Advisers, effective upon a date to be
determined in late November. As one of the original members of my team, you
have served this Administration selflessly for what will be almost seven years.
During that time, you have been one of the most articulate advocates of its
philosophy and one of its most able officials. You are someone who has truly
made a difference.
Your
accomplishments at the Treasury Department were extremely significant. You
smoothly led debt management through a difficult period, developing innovative
financing techniques, including the first foreign-targeted Treasury bond and
the redesigned, market-oriented savings bond, reducing government expenditures
by millions of dollars. In 1981, you helped to develop the strategy to handle
the savings and loan crisis. In 1982, you devised the initial strategy, still
largely in place today, to deal with the international debt crisis, encouraging
market-oriented economic policy reforms in debtor countries. In both of these
cases, through your adroit management skills, you ensured that there would be
no massive government bail-out and saved the taxpayers billions of dollars.
Time
and again, you proved yourself a formidable negotiator, and the American people
were fortunate to have you defending their interests. You represented our
country with great ability at five economic Summits and in negotiations to
establish new lending facilities for the International Monetary Fund and the
Inter-American Development Bank. Perhaps your most
significant negotiation resulted in the path-breaking yen-dollar agreement with
You
were in the forefront in redefining international monetary relations. Your
innovative suggestion in 1982 at the Versailles Summit resulted in the first
efforts of the major industrial nations to coordinate their economic policies
to achieve both strong growth and low inflation. That process of international
policy coordination, which was subsequently expanded by Secretary Baker, now
plays an established role in promoting sound, long-term economic policies
around the world, which should result in more stable exchange rates.
Some
of your accomplishments are less tangible, but no less significant. I remember
the skepticism we faced in 1981, both here and abroad, when this Administration
began advancing the basic tenets of a market-oriented economy, including
deregulation, tax reduction, and restrictions on the size and role of
government. You persuasively explained our philosophy through countless
meetings and speeches, as well as quiet diplomacy, and I have watched with
pleasure as so many countries gradually have begun to change their own domestic
economic policies in positive ways. At home, you have helped to keep us on the
path toward economic growth and price stability consistently advocating
adherence to sound economic policies. I will particularly miss your presence in
Finally,
Beryl, as a result of your consistent good judgment and sound advice, you have
strengthened the Council of Economic Advisers as a respected and influential
institution in setting national economic policy. You have had an important
influence in shaping our positions on tax reform, trade, agriculture, and many
other issues. You will be sorely missed by the Cabinet, by the White House
staff, and by me.
Sincerely,
Ronald
Reagan
Dear
Mr. President:
It
is with great reluctance that, for personal reasons I have decided to submit
today my resignation as Chairman of the Council of Economic Advisers.
It
has been my highest privilege and honor to serve in your administration since
January 1981, first as Under Secretary of the Treasury for Monetary Affairs
and, most recently, as Chairman of the Council of Economic Advisers.
I
accepted the original invitation to serve in your administration because of my
high regard for you and for the philosophy and positions which you have for
many years so ably articulated. It has been a treasured experience to
participate in the countless important initiatives which your administration has
undertaken in the area of economic policy which have restored the strength of
our great nation. I will always be grateful for this opportunity which you have
given me.
My
wife, Barbara, and I plan to return to our hometown of
Barbara
joins me in extending our very best wishes to you and Mrs. Reagan.
With warmest personal regards.
Sincerely,
Beryl
W. Sprinkel