October 24, 2005
JS-2988

Statement by Secretary John Snow on Nomination of
Ben Bernanke as Federal Reserve Board Chairman

Dr. Ben Bernanke will bring a wealth of experience in economic and monetary policy to the Federal Reserve chairmanship.  He will be a worthy successor to Alan Greenspan.   Ben's background as a distinguished economics professor and researcher,  as  chairman of the the Economics Department at Princeton University, as member of the Federal Reserve Board of Governors and, most recently, as an economic policy advisor to the President make him an ideal nominee for this critical position.

I've had the pleasure of working closely with Dr. Bernanke in his capacity as Chairman of the President's Council of Economic Advisors, and I am continually impressed with both his economic acumen and his intellectual integrity.

Alan Greenspan, in his 18-year tenure as Chairman, has expertly helped to guide the Federal Reserve Board and our economy through challenges with prescience and remarkable insight. The American people have reaped the benefit of his wise leadership in the form of a strong growing economy and low inflation. Chairman Greenspan leaves an outstanding legacy.  In Ben Bernanke the President has chosen the right person to carry on the strong, independent leadership of the Fed.