Published: 06.18.2004
THE ASSOCIATED PRESS
WASHINGTON - The Senate late Thursday approved President Bush's nomination of
Alan Greenspan to serve a fifth term as chairman of the Federal Reserve.
The approval came on a voice vote.
It came hours after the Banking Committee endorsed the nomination, with only
Sen. Jim Bunning, R-Ky., voting against.
Greenspan, 78, has guided the Fed since 1987 when he was chosen by President
Ronald Reagan to succeed another legendary chairman, Paul Volcker. He was renominated
once by Bush's father and twice by President Bill Clinton.
Bush had let it be known a year ago that he planned to nominate Greenspan for
a fifth term.
His current term ends this month.
Friends say Greenspan has told them he plans to serve less than half of the
new four-year term, choosing to retire on Jan. 31, 2006, when his separate 14-year
term as a Fed board member ends.