Nominations of Ben S. Bernanke to be a Member and Chairman of the Board of Governors of the Federal Reserve System

NOMINATIONS OF BEN S. BERNANKE TO BE A MEMBER AND CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

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Mr. CHAMBLISS. Mr. President, I rise today in support of the nomination of a fellow Georgian, Dr. Ben Bernanke, to serve as not only a member of the Board of Governors of the Federal Reserve System, but to succeed Dr. Alan Greenspan as the next Chairman of the Board.

Dr. Greenspan has served America well for more than 18 years. During his service as Chairman, he guided the U.S. economy through a number of challenging hurdles including the stock market crash of 1987, the financial crises in Mexico and Asia, recessions in the United States and other spikes in the economy from corporate scandals, terrorist attacks, and natural disasters. Dr. Greenspan's tenure also includes the longest economic expansion in U.S. history which lasted from 1991-2001. For these reasons, it is clear why many refer to Chairman Greenspan as one of the greatest central bankers of all time.

While his footsteps will be difficult to follow, I am fully confident that Dr. Bernanke will continue Chairman Greenspan's legacy by guiding our economy in the right direction, and making the best decisions not only for the American people, but for the role of the United States in the global marketplace.

The Federal Reserve Board guides the Nation and its economy with a safe, flexible, and stable monetary and financial system. As the U.S economy continues to grow, so does the role of the Federal Reserve Board in the global marketplace. Therefore, the qualifications for the Chairman of the Federal Reserve System must be held to the highest standard. I feel Dr. Bernanke's impeccable qualifications and financial expertise make him an excellent candidate to succeed Dr. Greenspan.

Dr. Bernanke graduated from Harvard University with the highest honors and later received his Ph.D. in Economics from the Massachusetts Institute of Technology. Most recently he served as Chairman of the President's Council of Economic Advisers, CEA, where he ``provided the President with obiective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues.'' Prior to serving as Chairman of the CEA, Dr. Bernanke served 4 years on the Board of Governors of the Federal Reserve System.

Dr. Bernanke's expertise is well respected in the academic community. He was a professor of Economics at Stanford University and later served as a professor of Economics and Public Affairs at Princeton University, where he also served as Chairman of their Economics department for 6 years. Dr. Bernanke also served as the Director of the Monetary Economics Program of the National Bureau of Economics Research, as a member of the National Bureau of Economic Research's Business Cycle Dating Committee, and he has also worked for two terms as a member of New Jersey's Montgomery Township Board of Education, and as the Editor of the American Economic Review.

Dr. Bernanke is also one of the most cited authors in the financial community. He has also given several important lectures at the London School of Economics on monetary theory and monetary policy. Dr. Bernanke has also been the recipient of many prestigious fellowships and awards including the renowned Guggenheim Fellowship, the Sloan Fellowship and the Econometric Society Fellowship.

I have no doubt that with such an impressive background, Dr. Bernanke will serve with impartiality and will continue to guide our economy, as Dr. Greenspan has done for the last 18 years, down a stable and prosperous path. I urge my colleagues to join me in support of this distinguished nominee, and confirm Dr. Bernanke to the Board of Governors, and as Chairman of the Board for the next 4 years.

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