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Bush to Appoint Greenspan Successor Today NewsMax.com Wires WASHINGTON -- President Bush said Monday he was nearing an announcement on a successor to Federal Reserve Board Chairman Alan Greenspan. Administration officials said 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."
Administration officials said they expected the announcement to be made at the White House at 1 p.m. EDT.
There had been widespread speculation that Bush might act as early as this month to ease the transition.
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Some economists and market watchers have suggested that Bush pick someone with solid credibility and experience in an effort to calm jitters in markets long used to Greenspan's leadership.
For some time, most speculation has centered on three potential candidates _ Ben Bernanke, who took over as chairman of the president's Council of Economic Advisers this year after having served as a Fed board member; Columbia University professor Glenn Hubbard, Bush's first CEA chairman; and Harvard economics professor Martin Feldstein, who was CEA chairman during the Reagan administration.
© 2005 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
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