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World News

Bernanke to replace Greenspan

WASHINGTON (AP) - Ben Bernanke, a plain-speaking former economics professor, was chosen Oct. 24 by President George W. 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 in the position and is expected to step down Jan. 31

Bernanke, 51, has promised to continue Greenspan's policies.

The nomination comes at a difficult time for Bush. His approval ratings are sagging, his choice of Harriet Miers for the Supreme Court is under attack, and his top political adviser - Karl Rove - is a central figure in the investigation of who leaked the name of an undercover CIA officer.

The initial reaction to Bernanke, however, was positive. Academics and both Republican and Democratic lawmakers said Bernanke, a leading thinker on monetary policy, has impeccable academic credentials for the Fed post.

Shukan ST: Nov. 4, 2005

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World News Bernanke to replace Greenspan WASHINGTON (AP) - Ben Bernanke, a plain-speaking former economics professor, was chosen Oct. 24 by President George W. 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 in the position and is expected to step down Jan. 31 Bernanke, 51, has promised to continue Greenspan's policies. The nomination comes at a difficult time for Bush. His approval ratings are sagging, his choice of Harriet Miers for the Supreme Court is under attack, and his top political adviser - Karl Rove - is a central figure in the investigation of who leaked the name of an undercover CIA officer. The initial reaction to Bernanke, however, was positive. Academics and both Republican and Democratic lawmakers said Bernanke, a leading thinker on monetary policy, has impeccable academic credentials for the Fed post. Shukan ST: Nov. 4, 2005 (C) All rights reserved