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the formal meetings of this Assembly and born December 19, 1955, in Cincinnati, the informal discussions in the Delegates OH. Mr. Portman is married and resides in Lounge over here. And I remember some- Alexandria, VA. thing more—something beyond the frantic pace and sometimes frustrating experiences of daily life here. The heartbeat of the United Nations: the quiet conviction that we could make the world more peaceful, Appointment of Constance B. more free. What we sought then—all of

Harriman as a Member of the Great us—now lies within our reach.

Lakes Fishery Commission I ask each of you here in this hall: Can we September 25, 1989 not bring a unity of purpose to the United Nations? Can we not make this new world The President today announced his intenof freedom the common destiny we seek? I tion to appoint Constance Bastine Harriman believe we can. I know we must.

as a Commissioner of the United States SecMy solemn wish today is that here among tion of the Great Lakes Fishery Commisthe United Nations that spirit will take hold, sion. She would succeed Becky Norton and that all men and all nations will make Dunlop freedom's moment their own. Thank you. Since 1989 Ms. Harriman has served as God bless you. And may God bless the work Assistant Secretary of the Interior for Fish, of the United Nations. Thank you very Wildlife, and Parks at the Department of much.

the Interior in Washington, DC. Prior to

this she served as an associate for litigation Note: The President spoke at 11:45 a.m. in

with the law firm of Steptoe and Johnson in the General Assembly Hall at the United

Washington, DC, 1987-1989; Associate SoNations in New York City.

licitor for Energy and Resources at the Department of the Interior, 1986–1987; Special Assistant to the Solicitor at the Depart

ment of the Interior, 1985–1986; associate Appointment of Robert J. Portman as with the law firm of Sheppard, Mullin, Deputy Assistant to the President for Richter and Hampton, 1980–1985; and an Legislative Affairs

attorney advisor at the Department of JusSeptember 25, 1989

tice in the Office of Legal Policy, 1982.

Ms. Harriman graduated from Stanford The President today announced the ap- University (B.A., 1970; M.A., 1973) and the pointment of Robert J. Portman as Deputy University of California, Los Angeles (J.D., Assistant to the President for Legislative Af- 1980). She resides in Bethesda, MD. fairs. He would succeed Gordon Wheeler.

Since 1989 Mr. Portman has served as Associate Counsel to the President. Prior to this he served as an attorney in the law firm of Graydon, Head and Ritchey in Cin

Nomination of Edwin G. Foulke, Jr., cinnati, OH, 1986–1989; and an attorney

To Be a Member of the Occupational with the law firm of Patton, Boggs and Safety and Health Review Commission, Blow in Washington, DC, 1984–1986. In ad

and Designation as Chairman dition, he has served as public affairs officer September 26, 1989 and research associate on the Congressional/Presidential Select Commission on Immi- The President today announced his intengration and Refugee Policy in Washington, tion to nominate Edwin G. Foulke, Jr., to be DC, 1979-1981, and he has worked for a member of the Occupational Safety and Representative Bill Gradison (R-OH).

Health Review Commission for the term exMr. Portman graduated from Dartmouth piring April 27, 1995. He would succeed College (B.A., 1979) and the University of Elliot Ross Buckley. Upon confirmation he Michigan Law School (J.D., 1984). He was will be designated Chairman.

Since 1985 Mr. Foulke has served as an attorney with the law firm of Constangy, Brooks and Smith in Columbia, SC. Prior to this, he served as an attorney with the law firm of Rainey, Britton, Gibbes and Clarkson in Greenville, SC, 1983–1985; and attorney with the law firm of Thompson, Mann and Hutson in Greenville, SC, 1978-1983.

Mr. Foulke graduated from North Carolina State University (B.A., 1974) and Loyola University School of Law (J.D., 1978). He was born October 30, 1952, in Sellersville, PA. He resides in Columbia, SC.

Remarks and a Question-and-Answer Session With Reporters During a Meeting With Small Business Leaders September 26, 1989

Capital Gains

The President. As we meet with these small business owners and representatives of small business owners, it gives me an opportunity to make another appeal for the capital gains differential. It is not, as these folks know, a tax break for the rich; it is a job-creating tax measure that will put more Americans to work. And so, I think we have to stand up to the understandable political rhetoric on the other side, rhetoric that we heard all last year and are now hearing once again, and fight for this principle that will be good for the American people.

And when I look back at some of the statistics, that in 1987 over 14 million people reported capital gain and 70 percent of the tax returns with long-term gains had incomes of less than $50,000. So, this argument that we hear from the political opponents that this is a tax break for the rich, they simply are wrong about it. The American people had a chance to hear this debate in last year's political process and now I'm trying to follow through and do what I said I would do. It's a tough fight, but I obviously would welcome all of your support, which I hope I have.

Q. You certainly have ours.

The President. But in fairness now, we can take a quick question and then I'll have to go to work here.

Q. What do you think the outcome is going to be at this point? They're going to vote the rule today.

The President. I don't know, but it's close, very close. I think some had predicted it would never get this far, given the political breakdown up there. But I'm confident that we do have a strong bipartisan support and I'm hopeful that we will prevail.

Q. Are you suggesting you might get both the capital gains tax cut and an IRA (individual retirement account] cut both?

The President. I don't see how we can do that. I have to have some final—I have to be the final arbiter, I think, on the overall budget. And that is unacceptable to me as President. Chemical Weapons

Q. Did you get everything you wanted from Mr. Shevardnadze today at the Soviet—or at the United Nations on chemical weapons?

The President. Well, you never get everything you want, but I'm very pleased with the way things are going. The reaction from the Soviets to our proposals yesterday has been positive. And so now the goal is to get moving and try to work out these agreements. But we got some good common ground, Terry (Terry Hunt, Associated Press), that I don't think we had before the Foreign Minister came here. I know he's accurately reflecting Mr. Gorbachev's view. Education Summit

Q. Mr. President, this being the eve of your education summit, do you care to make a comment on what you hope to gain of substance at the 2-day meeting? How you expect to improve America's schools?

The President. Well, I think that we're going to come together with the Governors on major objectives for this country in terms of education-something that's never been done before. And I know what my agenda is and what I believe in. But I'm going down there to listen and to work with the Governors, not try to impose an agenda from here. But I want to see us come up with some suggestions that will dramatically change things.

I was just reminded by a group of business leaders that on a per capita basis we spend far more than Germany or far more

a

than Japan, and yet we're not achieving the Message to the Congress Transmitting way they are. So we've got to see what it is the Comprehensive Campaign Finance that we're doing wrong, how can we be Reform Act of 1989 more accountable. And it's in those areas of September 26, 1989 goals-national goals, but coming up through the Governors, that I think we can To the Congress of the United States: make a real contribution here.

I am pleased to submit for your considerQ. How would goals make a difference? If ation and enactment the “Compiehensive you did have goals, how would that make a Campaign Finance Reform Act of 1989." difference in the classroom?

This legislative proposal would implement The President. Well, if we all agree on

the reforms I announced earlier this them, if we can get the Nation to agree on summer. It represents comprehensive camthem, then the President can push from paign finance reform legislation designed to here. But the beauty of having the Gover

reduce substantially the power of special nors is they're the ones that are on the economic interests while enhancing the role cutting edge. And we want them to go back

of individuals and political parties. The proactively engaged in working for excellence. posal also restores competition to congresAnd besides that, I think there will be an

sional elections by reducing the advantages interesting exchange of ideas-one Gover

of incumbency. nor saying to another, “Here's what's I look forward to working with the Conworked in my State.” And to the degree the

gress on those critical issues. Federal Government does have a role in

George Bush many of these educational programs, we will be listening intently and our people

The White House, will be saying what we think works and September 26, 1989. what doesn't. It's a good way to do it. It's a good way to have it, at this Governor's level. Capital Gains

White House Fact Sheet on the

Comprehensive Campaign Finance
One more capital gains question?

Reform Act of 1989
Q. Dick Darman (Director, Office of
Management and Budget) said yesterday

September 26, 1989 that the Democrats want to shut down the

Today the President transmitted to Congovernment rather than-in order to force

gress comprehensive campaign finance you to raise taxes, rather than go along with

reform legislation designed to lessen the this capital gains. Are you willing to see an power of special economic interests and reextensive sequestration and a

store competition to American congressionThe President. I don't want that, but I'm al elections. This legislative proposal implenot ruling out anything. I mean, we know ments the reforms already announced by what the law is and the President has to the President. abide by the law. But if they would go for- While curtailing the influence of special ward and do what we've suggested, why, economic interests, the proposal enhances we could avoid sequestration. But I'm not the roles of individuals and the political parruling it out. Can't rule it out. It's the law of ties in the electoral process. It is also dethe land. And I've got certain convictions. I signed to reform a system which has led to was elected to do certain things and I'm a "permanent Congress." In the 1980's, going to keep on trying to do them. And a House incumbents have had a 97.7 percent President has to use the tools at his disposal reelection rate and Senate incumbents an to accomplish the ends for which he was 85 percent reelection rate. Below is an outelected. And I plan to do exactly that. line of the major proposals:

• Elimination of political action commitNote: The President spoke at 2:07 p.m. in tees (PAC's) supported by corporations, the Oval Office at the White House.

unions, or trade associations, and a pro

are

hibition on any such entities paying for Middle-income Americans who invest the overhead or administrative costs of wisely, farmers selling off a piece of the any independent PAC.

family farm, the elderly widow who is living

off the assets she and her husband struggled • Reforms to address the problem of the to accumulate, the couple who planned

"permanent Congress” by reducing ahead and saved so their children could go the unwarranted advantages of incum

to college, the small business entrepreneur bency. Specifically, the proposal would

who sank his savings in an idea he alone prohibit the personal use of excess believed would work-these

not campaign funds, drastically reduce congressional franked mailings, ban the

wealthy Americans. Over 70 percent of the rollover of campaign funds from one

taxpayers who report capital gains have election cycle to the next, and legislate

other income less than $50,000. fair neutral criteria for the redistricting In this intensely competitive world, that will follow the 1990 census.

almost all major industrial nations tax cap

ital gains lightly or not at all. This is imporA strengthening of political parties by

tant to the American factory worker whose increasing the amounts they can spend

job may be on the line unless his company on behalf of congressional candidates. This source of funds would permit leg.

can bring down its capital costs. islators to spend less time fundraising,

Reestablishing a capital gains differential, would ensure that challengers have which was part of our tax laws for over six greater resources with which to chal- decades, provides the needed incentives for lenge incumbents, and would further those willing to take a risk on new products limit the role of special economic inter- and research that are the result of Ameriests in elections.

can ingenuity. • Full disclosure of all “soft money”

Reducing the capital gains tax means spent by the political parties and all

Americans who have capital gains at some labor unions, corporations, and trade

time in their lives—about half of our popuassociations to influence a Federal elec

lation—will be able to keep more of their tion.

savings to invest for the future.

You will be offered an alternative to the Jenkins-Archer capital gains proposal. No matter how you dress it up, that alternative is a tax increase-plain and simple. That's

no alternative, and my response will be Letter to the Members of the House of

equally plain and simple-veto. Representatives on Capital Gains Tax

The timing for this vote is excellent. The Legislation

Nation is enjoying its 82nd consecutive September 26, 1989

month of economic expansion—the longest

in peacetime history. Support for a capital Dear

gains differential is a vote to continue that The House of Representatives will soon

prosperity, and I ask for your support when have the opportunity to vote on legislation

the Jenkins-Archer proposal comes to a that will ensure continued economic pros

vote. perity and provide powerful incentives for investment and jobs.

Sincerely, I firmly believe a capital gains reduction is the right policy for all Americans. This is

George Bush an opportunity to restore an incentive for saving and investment, to create new jobs and build better future. All Americans

Note: Identical letters were sent to each will benefit.

Member of the House of Representatives.

:

Remarks at the Annual Meeting of the perous life for man on Earth: through free Boards of Governors of the International markets, free speech, free elections, and the Monetary Fund and World Bank Group exercise of free will unhampered by the September 27, 1989

state."

In Latin America, in Africa, Mexico, couThank you all very much. Thank you. rageous leaders are turning away from state And thanks especially to my good friend, control of their economies. Economic reour Secretary of the Treasury, Nick Brady structuring and deregulation are opening And thank you, Nick, for your outstanding the door to private initiative. And already economic leadership.

they're seeing results. Even more stunning Chairman Lee and President Conable,

is the transformation in thinking in the Mr. Camdessus. It really is a pleasure for

Communist countries in both the Soviet me to be here and to welcome you all to

Union and in Eastern Europe. During my Washington, DC. And it's a special privilege

recent travels in Poland and Hungary, I was for me to be here in the company of my old impressed by the people, but also impressed friend, former Congressman, now President by the almost universal acceptance of the Barber Conable. We in the United States free market as the best hope-indeed, the are keenly aware of these annual gather only hope—for reversing the economic forings, the importance of them—you drive tunes of these two proud countries. And we the work of all of us in maintaining a strong

will welcome the efforts of the Soviet Union international economic and financial to liberalize and decentralize their econosystem.

my. I have said many times—and I want to And this is my first opportunity to speak repeat it here today—that I want to see to you as President of the United States. perestroika succeed. A more open and But I've followed the activities of the Inter- humane Soviet Union can only be in the national Monetary Fund and the World best interest of the West. And as we see the Bank throughout my years of public service. evidence of that reform, we can match it And I have visited many of your homelands, with steps of our own. and seen firsthand the problems created by The rediscovery of these basic truths in inadequate growth and development, prob- the East has been matched by a recommitlems that your two distinguished institutions ment to them in the West. Today the memare working hard to solve.

bers of the European Community are dediWe've witnessed a dramatic shift over the cated to eliminating internal barriers to past few years in the debate over how to economic activity by the end of 1992. And achieve sustained growth and development. Europe's leaders assure me that this will not All across the world, there's been an almost be at the cost of new external barriers to simultaneous rediscovery of the power cre- trade with the EC. The Peruvian econoated when individuals are given the free- mist, Hernando de Soto, has helped us undom to act in their own best interests. True, derstand a worldwide economic phenomewe're here today mainly to discuss econom- non. By walking the streets of Lima, not ic freedom. But make no mistake. In the

analyzing official statistics, he found that end, both economic freedom and political the poor of Latin America—who have freedom are essential and inseparable com- never read Jefferson or Adam Smith-ran panions on the road to national prosperity. their affairs democratically, outside the The jury is no longer out. Look at the two formal economy, organizing their private, economic systems and see who has pros- parallel economy in a free and unregulated pered and who has struggled. Let's put an manner. De Soto's great contribution has end to this economic experiment. Because been to point out what, in retrospect, may history has decided.

seem obvious: People everywhere want the It is not climate, natural resources, or cul- same things. And when left alone by govtural traditions that make the difference. I ernment, people everywhere organize their said it in my own inaugural address: “We lives in remarkably similar ways. De Soto's know what works: Freedom works. We prescription offers a clear and promising alknow how to secure a more just and pros- ternative to economic stagnation in Latin

a

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