Clinton reappoints Federal Reserve Chairman Greenspan to 4th term
Federal Reserve Chairman Alan Greenspan was nominated to a fourth term at the helm of the nation's central bank by President Bill Clinton. The 73-year-old Fed chairman has guided the central bank for 12 years "with a rare combination of technical expertise, sophisticated analysis and old-fashioned common sense,'' Clinton said after meeting with Greenspan in the Oval Office.
The Fed chairman's current term expires June 20, 2000. This is the second time Clinton, a Democrat, has nominated Greenspan, a Republican, to head the nation's central bank.
Greenspan thanked Clinton ``for the confidence you have showed me over the years'' and singled out Clinton's commitment to fiscal discipline in helping extend the U.S. economic expansion that will become the longest in history next month.Greenspan said he's willing accept another term because he's "enjoyed every minute'' of his tenure at the Fed. "It's truly been an extraordinary challenge,'' he said. First appointed by President Ronald Reagan, Greenspan took office on Aug. 11, 1987, two months before the Dow Jones Industrial Average posted its largest percentage decline ever. He steered the economy through that crisis and has presided over an unprecedented period of growth and low inflation. He kept markets calm and the economy rolling through the savings and loan debacle of the late-1980s, the Mexican peso collapse in 1994-95, and the global economic slowdown triggered by the 1997 Asian currency crisis. (Bloomberg)