For Immediate Release
Office of the Press Secretary
October 24, 2005

Personnel Announcement

President George W. Bush today announced his intention to nominate Ben S. Bernanke, of New Jersey, to be a Member of the Board of Governors of the Federal Reserve System (6th District) for a term of fourteen years beginning February 1, 2006. The President also intends to nominate him to be Chairman of the Board of Governors of the Federal Reserve System for a term of four years. Dr. Bernanke currently serves as Chairman of the Council on Economic Advisers. He previously served as a Member of the Board of Governors of the Federal Reserve System.

Earlier in his career, Dr. Bernanke was a Professor of Economics and Public Affairs at Princeton University, and served as Chairman of the Department for six years. Prior to that, he was an Associate Professor of Economics at Stanford University's Graduate School of Business. Dr. Bernanke's honors include a Guggenheim Fellowship and election to The American Academy of Arts and Sciences. He is also the co-author of two college text books on economics.

Dr. Bernanke received his bachelor's degree from Harvard University and his PhD from the Massachusetts Institute of Technology.

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