President Bush nominated today Ben S. Bernanke, his top economic adviser, to replace Alan Greenspan as chairman of the Federal Reserve Board.
Calling Mr. Bernanke the “right man to build on the record that Alan Greenspan has established,” Mr. Bush emphasized the nominee’s “record of excellence as both an academic and policy maker.” He spoke at the White House flanked by Mr. Bernanke and Mr. Greenspan.
“He’s earned a reputation for intellectual rigor and integrity,.” Mr. Bush said of Mr. Bernanke. “He commands deep respect in the global financial community. And he will be an outstanding chairman of the Federal Reserve.”
In brief remarks Mr. Bernanke, 51, sought to reassure investors that there would be few immediate changes at the Fed when he takes over early next year. He praised Mr. Greenspan and said he would work with colleagues at the Federal Reserve to “ensure the prosperity of the American economy.”
“If I am confirmed to this position, my first priority will be to maintain continuity with the policies and policy strategies established during the Greenspan years,” Mr. Bernanke said.
The Times also notes that Bernanke “is widely respected by liberals and conservatives”. Even Senator Schumer of New York, hardly one to support Bush’s appointees without a fight, has come out with a favorable response: “We need a careful, non-ideological person who understands that the Federal Reserve’s main job is to fight inflation and Ben Bernanke seems to fit that bill.”
My initial reaction is similarly favorable.
Maybe Bush is going through a good-bad alternation for appointees and nominees. Where Michael Brown and Harriet Miers are BAD, John Roberts and now Ben Bernanke are GOOD. Regardless, it’s good to see that Bush didn’t succumb to cronyism here. With the health of the American (and global) economy at stake, he seems to have picked a stable rudder in the mold of Greenspan himself.
Note: This is just a quick post on the Bernanke nomination. Continue to check back for updates from Joe, me, and/or my fellow co-bloggers. We’ll also have a round-up of reaction from the blogosphere later today.