Clinton nominated Rubin as Treasury secretary in December 1994. On January 10, 1995, Rubin was sworn in as the 70th United States Secretary of the Treasury after the U.S. Senate confirmed him in a 99-0 vote. Rubin's tenure with the Clinton administration, especially as the head of Treasury, was marked by economic prosperity in the U.S. Rubin is credited as one of the main individuals behind U.S. economic growth, creating near full-employment and bullish stock markets while avoiding inflation. From the time he joined the White House until he announced his resignation from Treasury in 1999, U.S. unemployment fell from 6.9 percent to 4.3 percent; the U.S. budget went from a $255 billion deficit to a $70 billion surplus, and inflation fell. Rubin was succeeded in early July 1999 as Treasury secretary by his deputy, Lawrence Summers.