Bernanke nominated as new US Fed chief

President George W. Bush on Monday selected Ben Bernanke, chairman of the president's Council of Economic Advisers, to replace Alan Greenspan as

By JERUSALEM POST STAFF
President George W. Bush on Monday selected Ben Bernanke, chairman of the president's Council of Economic Advisers, to replace Alan Greenspan as Federal Reserve chairman. Bernanke, 51, is a former member of the Fed board. He also was a professor at Princeton University and chairman of the economics department. Bernanke and Greenspan differ on whether the Fed should set targets for inflation - Bernanke thinks it should, Greenspan does not - but otherwise they share a similar philosophy. In fact, while he was at the Fed, market observers would often look at Bernanke's speeches for insight into Greenspan's thinking. The appointment is subject to Senate confirmation.