For Immediate Release
July 20, 2005
LET GREENSPAN STAY AT FED HELM, SHERMAN SAYS
Washington, D.C. - Congressman Brad Sherman said Wednesday he will introduce legislation to allow Federal Reserve Chairman Alan Greenspan to stay on the job after his current term expires early next year.
During a Greenspan appearance before the House Financial Services Committee, Sherman said the law setting Federal Reserve Board term limits should be changed so the chief of the nation's central bank could remain in office for five more years after his term expires next January 31.
"Does my wife have a vote in this?" Greenspan asked. "Thank God she does not," Sherman said, "although she may have a vote on whether you accept another five years."
Widely admired throughout the world, Greenspan has chaired the board that sets monetary policy for the United States for more than 18 years.
"He has done an outstanding job and the markets would be better, the economy would be better if he stays on." Sherman added. "Whether he would be willing to do that I don't know, but certainly we in Congress should do our part. It would be better if our statutes allowed him to stay on.
Unless the Fed chief's term is extended, Greenspan's testimony before the House panel and a follow-up session with senators would be the last of his twice-a-year economic forecasts for Congress.
Sherman also asked Greenspan to develop a plan to cope with a possible sudden decline in the value of the dollar.