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Bush said to pick Bernanke as Fed chief

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  • Greg Cannon
    http://abcnews.go.com/US/wireStory?id=1244754 Bush said to pick Bernanke as Fed chief Reuters Oct 24, 2005 — WASHINGTON (Reuters) - President George W. Bush
    Message 1 of 1 , Oct 24, 2005
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      http://abcnews.go.com/US/wireStory?id=1244754

      Bush said to pick Bernanke as Fed chief
      Reuters

      Oct 24, 2005 — WASHINGTON (Reuters) - President George
      W. Bush was expected to announce on Monday that he has
      picked top economic adviser Ben Bernanke to succeed
      Federal Reserve Chairman Alan Greenspan, a
      knowledgeable source said.

      An announcement was to come at 1 p.m. EDT. Bush told
      reporters there would be "an announcement soon" on his
      choice to replace Greenspan, whose 18-year tenure at
      the Fed runs out on January 31.

      Bernanke is chairman of Bush's Council of Economic
      Advisers. He served on the Fed's Board of Governors
      for nearly three years before moving to the White
      House in June.

      His move to the White House was watched with interest
      on Wall Street because of the belief that he was on
      the fast track to replace Greenspan.

      Bernanke, a highly regarded monetary economist, has
      advocated steps toward greater policy transparency at
      the Fed and is a long-time advocate of inflation
      targets.

      At the Fed, he argued the central bank could help
      cement its inflation-fighting credibility by putting a
      number on its definition of price stability.

      Copyright 2005 Reuters News Service. All rights
      reserved. This material may not be published,
      broadcast, rewritten, or redistributed.
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