Date registered: Jan 2005
Vehicle: 2006 ML350
Location: Chicago, IL
Mentioned: 0 Post(s)
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Bush Picks Bernanke As New Fed Chairman
WASHINGTON - President Bush on Monday selected Ben Bernanke, chairman of the president's Council of Economic Advisers, to replace Alan Greenspan as Fed chairman, according to an administration official.
The official spoke on condition of anonymity because the nomination had not yet been announced. An announcement was expected at 1 p.m. EDT.
Greenspan, who took over in August, 1987, wraps up his term as chairman Jan. 31.
Asked about the appointment, Bush said, "We'll be making an announcement soon."
Bernanke, 51, is a former member of the Fed board. He also was a professor at Princeton University and chairman of the economics department.
There had been widespread speculation that Bush might act as early as this month to give the Senate time to act on the nomination before Greenspan's term expired.
However, announcing Greenspan's successor also provided a diversion for a White House reeling under congressional criticism of the Harriet Miers' Supreme Court nomination and a federal investigation into whether top officials leaked the name of a CIA operative for political purposes.
2006 ML 350 - Black, Appearance Package, Navigation System, Entertainment Package, Sunroof Package, Heated Seats, IPod Integration