Bush Nominates Bernanke to Replace Greenspan

President Bush today nominated his chairman of the Council of Economic Advisers Dr. Ben Bernanke to succeed Federal Reserve Chairman Alan Greenspan, whose term expires in January 2006.

A former Federal Reserve Governor, Bernanke had been considered the leading candidate to replace Greenspan, who has served as Fed chair for 18 years.

As reported here by CNN Money, Bernanke received praise from both Republicans and Democrats, and is expected to be easily confirmed by the Senate.

According to his White House biography, Bernanke was born on December 13, 1953, in Augusta, Georgia. He received a B.A. in economics in 1975 from Harvard University (summa cum laude) and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology. Dr. Bernanke and his wife, Anna, have two children.

Considered a hawk on inflation, in the mold of Greenspan, Bernanke told CNN that his economic policy would not differ significantly from his predecessor. "If I am confirmed to his position, my first priority will be to maintain continuity with the policies and policy strategies established during the Greenspan years," he said. "I'll do everything in my power, in collaboration with my Fed colleagues, to help ensure the continued prosperity and stability of the American economy." [Complete CNN report]

Also See: About the Federal Reserve System