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White House said to tap Bernanke
You might think a SCOTUS nominee will affect our society. The real control of society rests with this nominee.
NEW YORK (CNN/Money) - President Bush was expected to announce Monday that he has picked top economic adviser Ben Bernanke to succeed Federal Reserve Chairman Alan Greenspan, Reuters reported.
The news agency, quoting a knowledgeable source, said an announcement was to come at 1 p.m. EDT.
Bush told reporters there would be "an announcement soon" on his choice to replace Greenspan, whose 18-year tenure at the Fed runs out on Jan. 31, Reuters said.
Bernanke is chairman of Bush's Council of Economic Advisers. He served on the Fed's board of governors for nearly three years before moving to the White House in June.
His move to the White House was watched with interest on Wall Street because of the belief that he was on the fast track to replace Greenspan.
Bernanke is a former Fed governor who was considered one of the policy trend setters while at the central bank, espousing the virtues of an inflation target to guide monetary policy.
You might think a SCOTUS nominee will affect our society. The real control of society rests with this nominee.