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calendar   Monday - October 24, 2005

A New Face At The Fed

Damn, it seems like Alan Greenspan has been chairman of the Federal Reserve since before I was born. Anyway, the old boy is being put out to pasture after all these years and there is a new face to get used to if you worry about money ....

Bush Selects White House Economist Bernanke to Replace Greenspan
(WASHINGTON POST)

imageimageimageimagePresident Bush today nominated his chief economic adviser, Ben S. Bernanke, to replace Alan Greenspan as chairman of the Federal Reserve when Greenspan’s term expires Jan. 31. In making the announcement at the White House, Bush hailed Bernanke’s “reputation for intellectual rigor and integrity” and said he “commands deep respect in the global financial community.”

Bush said Bernanke, if confirmed by the Senate, “will replace a legend” in Greenspan, who he said has steadily “shepherded our economy through its highs and its lows” and “has dominated his age like no central banker in history.” In brief remarks after Bush’s introduction, Bernanke said, “If I am confirmed by the Senate, I will do everything in my power, in collaboration with my Fed colleagues, to help to ensure the continued prosperity and stability of the American economy.”

He pledged that his first priority would be to “maintain continuity” with the policies and strategies of Greenspan’s 18 years at the helm of the Federal Reserve. Bernanke, 51, a Republican, served as a member of the board of governors of the Federal Reserve System for three years before being named chairman of the President’s Council of Economic Advisers in June. He previously was an economics professor at Princeton University and served as chairman of the university’s economics department from 1996 to 2002.

Bernanke, who holds a doctorate in economics from the Massachusetts Institute of Technology, has a fiscal philosophy similar to that of Greenspan, who was named Fed chairman by President Ronald Reagan in 1987 and renominated for four-year terms by three other presidents. However, Bernanke and Greenspan differ on whether the Fed should set targets for inflation. Bernanke believes the Fed should set such targets, while Greenspan does not.

Flanked by Bernanke and Greenspan as he made the announcement in the Oval Office, Bush praised the “steady chairmanship” of Greenspan, who he said has “kept inflation low” during his stewardship of U.S. monetary policy. “Ben Bernanke is the right man to build on the record Alan Greenspan has established,” Bush said. Greenspan, 79, who stood to the president’s right during the ceremony, did not speak, and the three men left without taking any questions from reporters.

In introducing Bernanke, Bush said the Federal Reserve “is the symbol of the integrity and the reliability of our financial system.” He said the institution “affects the lives and livelihoods of all Americans.” The Fed chairman “must be a person of impeccable credentials, sound policy judgment and character,” Bush said. He said Bernanke “has done path-breaking work in the field of monetary policy, taught advanced economics at some of our top universities and served with distinction on the Fed’s Board of Governors.”

Bernanke has “built a record of excellence as both an academic and policymaker,” Bush said. “He is the author of several scholarly books and is one of the most cited economists in the world. As Fed governor, Ben advocated greater transparency in communication with the public and markets. His speeches were widely admired for their keen insight and clear, simple language.” Bush urged the Senate to “act promptly to confirm Ben Bernanke as the 14th chairman of the Federal Reserve.”

Go Read The Rest At The WAPO


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Posted by The Skipper   United States  on 10/24/2005 at 06:49 PM   
Filed Under: • Economics •  
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