For Immediate Release
Office of the Press Secretary
May 18, 2004

Personnel Announcement

President George W. Bush today announced his intention to nominate Alan Greenspan, of New York, to be Chairman of the Board of Governors of the Federal Reserve System for a term not to exceed four years. Dr. Greenspan now serves as Chairman of the Board of Governors of the Federal Reserve System, a position he has held since 1987. He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.

"Sound fiscal and monetary policies have helped unleash the potential of American workers and entrepreneurs and America's economy is now growing at the fastest rate in two decades. Alan Greenspan has done a superb job as Chairman of the Board of Governors of the Federal Reserve System, and I have great confidence in his economic stewardship," President Bush stated.

Earlier in his career, Dr. Greenspan was Chairman and President of Townsend-Greenspan & Co. Inc., an economic consulting firm in New York City. He also served as Chairman of the President's Council of Economic Advisers under President Gerald Ford and as Chairman of the National Commission on Social Security Reform.

Dr. Greenspan received his bachelor's degree, master's degree and Ph.D. from New York University.

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