Bernanke to Succeed Greenspan As Fed Chie

By JEANNINE AVERSA, AP Economics Writer 31 minutes ago

Ben Bernanke, a plain-speaking former economics professor, was chosen Monday by President 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 at the helm and is expected to step down Jan. 31. Bush called Greenspan a "legend," and Bernanke promised to continue the chairman's policies.

"Ben has done path-breaking work in the field of monetary policy, taught advanced economics at some of our top universities and served with distinction on the Fed's Board of Governors," said Bush, who was flanked by Bernanke and Greenspan during a brief White House ceremony. "He's earned a reputation for intellectual rigor and integrity. He commands deep respect in the global financial community."