In his first policy address since becoming chancellor in April, Dennis Walcott vowed today to close some failing middle schools while opening at least 50 more to replace them.

In the 30-minute speech, Walcott also proposed a slate of policies to boost teaching staffs and instructional programs at middle schools, long considered the city Department of Education’s weakest link.

We will have much more on what he said and what it means shortly. For now, here’s the complete speech as delivered at New York University this morning.