With the imminent retirement of 18-year Federal Reserve Chairman Alan Greenspan when his term expires at the end of January, the unenviable task of keeping the economy in check while making sure his comments don’t lead to a meltdown on Wall Street has been given to Ben Bernanke.
Bernanke, the chairman of President Bush’s Council of Economic Advisers, was appointed by Bush on Oct. 24 to fill Greenspan’s rather large shoes. A former Fed governor, Bernanke is well-liked andexperts believe his confirmation process will be quick and easy.
The stock market agreed with the selection, as the Dow Jones and S&P 500 had their biggest one-day increases since April on the day Bernanke’s nomination was announced. “Ben 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,” Bush said at a press conference. “He’s earned a reputation for intellectual rigor and integrity. He commands deep respect in the global financial community.”
Bernanke said his first priority would be to maintain continuity with the policies and strategies established duringthe Greenspan years.
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