Iowa Senator Chuck Grassley calls retiring Federal Reserve chairman Alan Greenspan “a Rock of Gibraltar for the American economy.” Grassley chairs the Senate Finance Committee and says he hopes President Bush’s replacement pick, Ben Bernanke, can build on Greenspan’s confidence and credibility.
Grassley says “I don’t know the guy that well but I know about his reputation. He comes with sterling academic credentials from Princeton. I think he’s well respected by the financial community, the investors, Wall Street.” Grassley says Bernanke has done a fine job as the White House’s top financial advisor.
Grassley says Bernanke has served the president well as chairman of the council of economic advisors and also served as one of the seven members of the Federal Reserve Board which he’ll be chairing, if he’s confirmed by the Senate.
Grassley says Bernanke knows he has very big shoes to fill, as Greenspan helped successfully shepherd the nation’s economy for nearly 20 years. Grassley says Bernanke will have to consider that Greenspan’s legendary status and his stewardship of the economy was related, obviously, to his policies but also to his personality. Bernanke will have to build on that reputation, Grassley says, and carve out his own niche. Greenspan will step down at the end of January.