Bush selects White House economist Ben Bernanke as new Fed chief - WMC Action News 5 - Memphis, Tennessee

Bush selects White House economist Ben Bernanke as new Fed chief

WASHINGTON (AP) - President Bush named top White House economic adviser Ben Bernanke as chairman of the Federal Reserve Board on Monday in place of near-legendary Alan Greenspan as the official in closest control of interest rates.

Bernanke instantly announced his first priority would be "to maintain continuity with the policy and policy strategies under the Greenspan era."

Bush said his choice as the nation's new central banker "commands deep respect in the financial community." And he lavished praise on Greenspan, 79, calling him a legend who "has shepherded our economy through its highs and its lows."

The appointment is subject to Senate confirmation, and the president called for swift action.

Sen. Richard Shelby, R-Ala., chairman of the Senate Banking Committee, issued a statement saying "I am confident that this nominee will be thoroughly questioned but also well-received by all members of our committee."

(Copyright 2005 by The Associated Press. All Rights Reserved.)

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