Bush said to pick Bernanke as Fed chief
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
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.
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