Speeches by Secretary Elaine L. Chao

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Secretary of Labor Elaine L. Chao
Iowa Women’s Conference
West Des Moines, Iowa
August 19, 2002

Thank you, Heidi Soliday, for that kind introduction.

It’s great to see Senator Chuck Grassley and Barbara. They are the reason for my being in Iowa. My husband and I consider Chuck and Barbara to be dear friends. Chuck and Barbara are doing a great job for Iowa and our nation. They’ve never forgotten where they are from, and you have much to be proud of in the service this outstanding couple is rendering for Iowa and our country.

Good morning to everyone! It’s great to be here in Iowa! What a great audience! This is truly women power!

I have to tell you: Speaking to groups like this is one the great joys of my job. This is a great time to be an American woman! Women are leading the way in some of the most important areas of our economy and of our social structure.

Women have more options than ever before, and women are increasingly shaping the future of this country.

I am proud to report that at the Department of Labor the President and I have appointed the highest number of women to executive leadership positions of any Cabinet department in the history of our country—fully half! Yup, that’s right! Fully fifty percent of the executive leadership at the Department of Labor are women!

President George W. Bush has a diverse Cabinet, and his Administration has a record number of women in the highest levels of leadership positions. In fact, President George W. Bush has appointed more women to top policy making influential positions than any other president in history.

The President sought the best and brightest, and that was the result.

And women in top leadership positions is not just happening in government… it’s happening all across every sector in America—women are corporate CEOs, running studios in Hollywood, researching medical breakthroughs and leading nonprofit institutions. They’re also farmers and welders, firefighters, police officers, architects and prosecutors, accountants and hospital administrators.

And women are owning their own businesses as well!

Women owned businesses are fueling our economy by creating jobs and providing new goods and services. They are taking the lead in balancing the requirements of work and family by allowing flextime and telecommuting for their employees.

The influence of women entrepreneurs can be seen in the power of their numbers: 6.2 million privately-held, women-owned businesses providing employment for 9.2 million Americans. They are growing at twice the rate of all employers—with one out of five women-owned firms now run by women of color.

How many business owners do we have here in the audience today? Clap for me if you’re self-employed or help run your family’s business!

That’s great! Thank you for the work you are doing to create jobs. My hat is off to you.

As President George W. Bush said at a conference the Department of Labor hosted for women entrepreneurs in March of this year, “when it comes to entrepreneurship and job creation, ours is an increasingly woman’s world.”

Small-business owners across the country are demanding that the playing field be leveled when it comes to access to affordable health-care coverage… and I think this is an issue that has special significance to women, and women entrepreneurs. That’s why the President and I are working to bring the small-business community Association Health Plans, to make affordable health insurance more available to the self-employed, their families and their employees.

When President Bush came into office the economy was in a deeper recession than reported—2001 saw three quarters of negative growth. The attacks of September 11^th were a devastating blow to our economy.

Yet this is a testament to the strength of our economy that economic recovery occurred as quickly as it has.

The recovery can be stronger. The economy has now grown for three straight quarters in a row. And Americans’ incomes grew by 0.6 percent in June—the strongest pace in two years. Inflation is low… factory orders are rising… interest rates are reasonable… home sales remain strong… and productivity continues to rise.

Equally important, the president has moved quickly to restore faith and confidence in the integrity of our financial markets and economy.

He has just signed legislation that will increase corporate accountability and transparency.

You can be assured that the people who have abused the laws and marketplace will be punished severely!

The president is also working hard to get pension reform legislation through the Congress—which has passed the House and is now awaiting action in the Senate. Senator Grassley has been a strong ally in the Senate, and we will be working with him to pass this bill on the Senate floor in September!

Even with protections in place, retirement savings will remain an area that Americans need to work on. Women have some special concerns in this area, and I know you are going to be getting some good advice from one of your speakers.

It is critically important for all women to work toward the goal of financial independence in retirement. Because how we prepare to meet this challenge, is going to have significant impact on women’s lives and America’s national welfare.

The overall retirement savings rate in this country is too low, for far too many Americans. And this is especially true for women. There are many reasons for this.

Women may interrupt their careers, or leave jobs before they are vested in a pension, to take care of their families. As caregivers for children or older parents, women are more likely than men to work in part-time jobs that don’t qualify for pension coverage. Many women work for small businesses that don’t offer retirement plans.

The President understands that women and other Americans need a chance to catch-up on their retirement savings. After they’ve raised the kids and experienced job changes… and at a time of life when people, particularly women, are finally making more money. That’s why his pension reforms would allow people over the age of 50 to increase their 401(k) and IRA contributions.

Senator Chuck Grassley and President George W. Bush are working hard to make sure that all Americans—men and women—have the choice, control and confidence to achieve financial independence in retirement. But women do have special concerns in this area, and I encourage all of you to learn—and save—as much as you possibly can.

Another challenge that is special for women is the difficulty of balancing work and family.

As we face that challenge, there is good news. And it is twofold.

First, since there are so many more opportunities, today, for women to become doctors, lawyers, CEOs—it means there a whole new generation of managers who really understand things like that delicate work-family balancing act.

These women managers are bringing a lot of high-touch to our new high-tech world. Scientific research has shown us that women do in fact have a higher ability to collaborate with others and nurture those around them. In the workplace that translates to more teamwork and better benefits for employees.

The business writers are calling it the “feminization of management thinking.”

I like to call it: being a good boss!

The second area is possible change in government policy. At the Department of Labor we are looking at ways employers can offer more flexibility to employees. One way is for employers to offer compensatory time off in lieu of overtime pay to employees. Balancing work and family is difficult, especially for women, so we want to find the ways to give employers and employees more options, more flexibility.

The final challenge that I want to cover today has to do with the skills that all workers need to take full advantage of the 21^st century marketplace of jobs.

Eighty percent of future jobs will require post-secondary education or training of some type. This does not necessarily mean four years of college… doors to lucrative careers are also opened through community college programs, technical training and apprenticeship-model work.

And even before that, every child must have a solid high school education, with strong skills in math, literacy and science in order to succeed. That’s why the President made his “No Child Left Behind” initiative one of his top priorities in his first year in office. Without that strong foundation, workers will be left behind in the 21^st Century Workplace.

And of course, we should all engage in the lifelong pursuit of learning. The jobs will be there… but we must match jobs with skills in order to keep our economy strong. And at the Department of Labor we are committed to facilitating that match.

You are all to be commended for all that you do to improve the quality of life in your communities.

As you do so, don’t forget to take care of yourself, too! Senator Grassley and Barbara have done a great job designing a program here today that helps you with that—with speakers who are going to address nutrition, sleep, and performance… and of course retirement savings to help you learn how to achieve financial security in retirement.

It’s been a great pleasure for me to join you today. Enjoy this conference and this time together. It is an historic time to be a woman in this great country of ours.

Have confidence in yourself. Opportunities await you.

God bless you, and God Bless America.

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