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Ben Bernanke For Chairman Of The Federal Reserve

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Ben Bernanke is a good choic for overseeing the integrity of our banking system.

Dr. Bernanke is veteran of monetary policy, taught advanced economics at some of our top universities, and served with distinction on the Fed's Board of Governors. The President has made a good choice to replace Alan Greenspan, who will retire when his current term runs out at the end of January.


Here is Ben Bernanke's remarks at the announcement.


DR. BERNANKE: Thank you. I'd like to express my deep appreciation to President Bush for the trust he has shown in me in asking me to lead the Federal Reserve System. If I am confirmed by the Senate, I will do everything in my power, in collaboration with my Fed colleagues, to help to ensure the continued prosperity and stability of the American economy.


In light of the announcement the President has just made, it's especially gratifying to have Chairman Greenspan here. In more than 18 years at the helm of the Federal Reserve, Alan Greenspan has set the standard for excellence in economic policymaking. I am personally grateful to Chairman Greenspan for his collegiality and support during my time as a member of the Fed's Board of Governors.


Our understanding of the best practice in monetary policy evolved during Alan Greenspan's tenure at the Fed, and it will continue to evolve in the future. However, if I am confirmed to this position, my first priority will be to maintain continuity with the policies and policy strategies established during the Greenspan years.


Finally, I would like to thank my wife, Anna, my daughter, Alyssa, and my son, Joel, for their love and support. I could not contemplate undertaking these new challenges without their help.


Thank you very much.

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