President Bush names next chairman of the Federal Reserve

Bernanke to succeed Greenspan as Fed chief

Copyright Associated Press

WASHINGTON - Ben Bernanke, a plain-speaking former economics professor, was chosen Monday by President Bush to be the next chairman of the Federal Reserve, the most influential economic policy job in the world.

If approved by the Senate, Bernanke would succeed Alan Greenspan, who has spent 18 years at the helm and is expected to step down Jan. 31. Bush called Greenspan a "legend," and Bernanke promised to continue the chairman's policies.

CLICK HERE to read complete ASSOCIATED PRESS report on the appointment of Ben Bernanke as United States Federal Reserve Chief.

MICHAEL McCAFFERTY comments:

President George W. Bush has made an excellent choice in naming Ben Bernanke as the next Chief of the United States Federal Reserve. Mr. Bernanke has outstanding and remarkable credentials to head the US Federal Reserve. I am very impressed by the appointment of Mr. Bernanke.