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.