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Chairman Greenspan’s Retirement from the Federal Reserve (CRS Report for Congress)

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Release Date Feb. 1, 2006
Report Number RS22271
Report Type Report
Authors Marc Labonte, Government and Finance Division
Source Agency Congressional Research Service
Summary:

Chairman Alan Greenspan's non-renewable term as governor on the Board of theFederal Reserve System (Fed) will expire on January 31, 2006. On October 24, 2005,President Bush nominated Ben Bernanke to be Greenspan's successor. Bernanke hasbeen Chairman of the President's Council of Economic Advisers, a Fed governor, andprofessor of economics at Princeton University. His nomination awaits Senateconfirmation. The Federal Reserve is responsible for setting the nation's monetarypolicy, among other duties. This report outlines Chairman Greenspan's legacyand some of the issues facing his successor.