President Bush has nominated his chief economic advisor, Ben Bernanke, to succeed Alan Greenspan as chairman of the Federal Reserve Board.
In Washington Monday, the president hailed Mr. Bernanke as a man who commands deep respect in the global financial community. The announcement prompted cheers from economists and a jump in stock prices on Wall Street. In brief remarks at the White House, Mr. Bernanke promised to continue the basic policies of Mr. Greenspan, who has been guiding the U.S. economy for nearly two decades. If confirmed by the U.S. Senate, Mr. Bernanke will assume the most powerful economic post in the United States.
The Federal Reserve implements federal monetary policy and supervises banks and financial institutions throughout the country.