Grassley Comment on Bernanke Nomination as Fed Chairman
M E M O R A N D U M
TO: Reporters and Editors
RE: New Fed Chair Nominee
DA: Monday, October 24, 2005
Sen. Chuck Grassley, chairman of the Senate Committee on Finance, issued the followingcomment regarding the nomination today by President Bush of Ben Bernanke to serve as the nextchairman of the Federal Reserve Board.
“The experts vary on how much credit to give Alan Greenspan, but regardless, the economyhas been very successful under his leadership. We’ve had two recessions under his tenure, but bothwere largely because of external events. One was a spike in oil prices following Iraq’s invasion ofKuwait and the other was a downturn after 9/11. I hope Dr. Bernanke will lead as successfully asAlan Greenspan. Chairman Greenspan’s success was that people had confidence in him. He was kindof a Rock of Gibraltar for the American economy. Now, the most important thing for Ben Bernanketo do is to build on that confidence and that credibility. For example, he advocates openness at theFed, as has Chairman Greenspan, and that builds confidence in our economic stewardship.”
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