Greenspan Nomination as Fed Chairman Approved by Senate

[CShine]

WASHINGTON (AP) - The Senate late Thursday approved President Bush's nomination of Alan Greenspan to serve a fifth term as chairman of the Federal Reserve. The approval came on a voice vote. It came hours after the Senate Banking Committee endorsed the nomination, with only Sen. Jim Bunning, R-Ky., voting against.

Greenspan, 78, has guided the Fed since 1987 when he was chosen by President Reagan to succeed another legendary chairman, Paul Volcker. He was re-nominated to the Fed post once by Bush's father and twice by President Clinton. Bush had let it be known a year ago that he planned to nominate Greenspan for a fifth term when his current term ended in June 2004.

Friends say Greenspan has told them that he plans to serve less than half of the new four-year term, choosing to retire on Jan. 31, 2006, when his separate 14-year term as a Fed board member is to end.

That decision would give the next president the chance to select Greenspan's successor early in the next presidential term.


http://ap.tbo.com/ap/breaking/MGBWUH3NLVD.html

[I thought so.]

1. Look out!

Now he can start raising interest rates.