By Caren Bohan
Jan 20 (Reuters) - Newly sworn-in U.S. President Barack Obama promised "bold and swift" action to revive the struggling economy and pledged to restore America's standing in the world.
Here is what he said about his agenda:
LAYING GROUNDWORK FOR HUGE ECONOMIC STIMULUS
* Obama pledged to revive a U.S. economy that he said had been badly damaged by "greed and irresponsibility" and an avoidance of hard choices. He said the economic crisis showed that markets can spin out of control "without a watchful eye" and that prosperity must be shared more broadly.
* The new president did not delve into specifics about his proposed $825 billion economic stimulus package. But he said the plan that would pay for new roads, bridges, electrical grids and other projects would set the foundation for future growth.
* Seeking to quell concern about the eye-popping price-tag for the stimulus plan, Obama promised to make government more efficient and ensure that money is spent wisely.
PLEDGES TO OVERHAUL WALL STREET RULES, REFORM HEALTH CARE
* Obama's reference to the lack of a watchful eye on markets signaled he would put a priority on revamping financial regulations. In an indication of how he may try to frame the debate over Wall Street reform, Obama praised the ability of markets to create wealth and spur freedom but insisted that careful oversight was also crucial.
* Obama listed reform of the health care and education systems and action to tackle climate change as among his top domestic priorities.
PROMISES "HUMILITY AND RESTRAINT" IN FOREIGN POLICY
* Obama made reference to his history-making election as the first black U.S. president to highlight what he said was the nation's capacity for progress and said the United States could revive its standing in the world by leading by example.
Obama said American power "grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint."
* Obama promised to responsibly leave Iraq and "forge a hard-earned peace in Afghanistan."
* He also underscored his willingness to engage America's foes, saying that the United States would "extend a hand if you are willing to unclench your fist.
* Obama promised to reach out to Muslims around the world, saying he wanted to "seek a new way forward, based on mutual interest and mutual respect."
* One of Obama's first acts as president may be to announce a new Middle East envoy. Obama is likely to name former U.S. senator George Mitchell to the job soon after taking office, according to the Washington Post.
* During Israel's 22-day offensive in Gaza, Obama declined to discuss the issue in detail, citing the principle that there should be only one president at a time. But Obama promised during his campaign that he would engage on Middle East issues right away. (Writing by Caren Bohan, Editing by Anthony Boadle)