Bush says Greenspan should get another term
President George Bush said today that Federal Reserve Chairman Alan Greenspan should get another term.
Greenspan, who was 77 in March, has been serving as Fed chairman since August 1987. His current term as chairman runs to June 20 2004.
The head of the Fed is nominated by the president and the position must be confirmed by the Senate.
Bush gave his endorsement to Greenspan as the Fed chairman was preparing to undergo surgery for an enlarged prostate – a common problem for men his age. He is expected to return to work next week.
Bush was asked whether Greenspan has done a good enough job to get another term. “Yes,” the president replied. “I think Alan Greenspan should get another term.”
Bush’s remarks were not a surprise. He and his top advisers have repeatedly expressed support for Greenspan, and the promise of reappointment is certain to calm financial markets.
The ailing economy is considered by White House advisers to be Bush’s biggest hurdle to re-election.
