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Bernanke to maintain continuity with policy under Greenspan

Bernanke to maintain continuity with policy under Greenspan
www.chinaview.cn 2005-10-24 02:26:55

WASHINGTON, Oct. 24 (Xinhuanet) -- Ben Bernanke, who was picked up Monday by US President George W. Bush to be next Federal Reserve chairman, said that his first priority will be "to maintain continuity with the policy and policy strategies under the Greenspan era."

"If I am confirmed by the Senate I will do everything in my power, in collaboration with by Fed colleagues to help assure the continued prosperity and stability of the American economy," Bernanke said after Bush announced his nomination at the White House.

Announcing the nomination, Bush said that "Over the course of a career marked by great accomplishment, 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."

"He's earned a reputation for intellectual rigor and integrity. He commands deep respect in the global financial community. And he will be an outstanding chairman of the Federal Reserve," Bush said.

Bernanke, 51, was sworn in as chairman of the CEA in June 2005 after having served as a Fed board member since August 2002. He also was a professor at Princeton University and chairman of the economics department. The nomination is subject to Senate confirmation.

Bush also praised Greenspan for his excellent leadership of the central bank.

"For nearly two decades, Chairman Greenspan has shepherded our economy through its highs and its lows. Under his steady chairmanship, the United States economy has come through a stock market crash, financial crises, from Mexico to Asia, two recessions, corporate scandals, and shocks ranging from devastating natural disasters to a terrorist attack in the heart of America's financial center," he said.

Greenspan, 79, took over as the chief of the US central bank in August 1987. His term ends on Jan. 31 next year.


LINK: http://news.xinhuanet.com/english/2005-10/24/content_3678871.htm