Wednesday, May 19, 2004

Bush wants fifth Greenspan term

ALAN GREENSPAN, the chairman of the United States Federal Reserve, has been nominated by President George Bush for a fifth term.

President Bush - himself battling for re-election - said: "Alan Greenspan has done a superb job as chairman, and I have great continuing confidence in his economic stewardship."

Mr Greenspan, 78, has been at the head of America’s central bank for 16 years, steering the world’s largest economy through a variety of financial cycles over four terms in office.

According to a White House spokesman, the reason a new chairman was not sought was because Mr Bush "wants him [Greenspan] to continue to serve as long as possible".

Mr Greenspan’s nomination now has to also be approved by the US Senate.

The White House spokesman said: "Sound fiscal and monetary policies have helped unleash the potential of American workers and entrepreneurs, and America’s economy is now growing at the fastest rate in two decades."

Analysts think the renomination will help reassure financial markets that the country’s monetary policy will remain on a steady course during the presidential campaign season over the summer and autumn.

Mr Greenspan, in a statement released by the Fed, said: "I am honoured to be nominated by President Bush and, if confirmed by the Senate, to continue my service as chairman of the board of governors of the Federal Reserve System." --

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