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

Date: Jan. 31, 2006
Location: Washington, DC
Issues: Monetary Policy


NOMINATIONS OF BEN S. BERNANKE TO BE A MEMBER AND CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -- (Senate - January 31, 2006)

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Mr. MENENDEZ. I rise in support of the nomination of Ben Bernanke, of my home State of New Jersey, to be the next Chairman of the Federal Reserve. Once again, New Jersey is honored that the President has nominated one of our own to serve our Nation in such a vital position.

Dr. Bernanke has a remarkable record of scholarship. He graduated from Harvard with top honors and later earned a doctorate in economics from the Massachusetts Institute of Technology, MIT. Dr. Bernanke then entered academia and has taught at some of the preeminent universities of our Nation, starting at Stanford before continuing at MIT and New York University and eventually ending as the Chairman of the Economics Department at Princeton University. He has also served our Nation with distinction in his roles at both the Council of Economic Advisers and the Federal Reserve.

As the newest member of the Senate Committee on Banking, Housing, and Urban Affairs, I look forward to working with Dr. Bernanke in ensuring that inflation remains in check, that our Nation's deficits are addressed and dealt with in a forthright manner, and that all Americans are able to successfully participate in our country's economy. He has a reputation of basing his decisions on sound economics, rather than ideology and partisanship, and I expect this to continue in his new role as Chairman.

Mr. President, I would be remiss if I did not also take this time to thank Alan Greenspan for his almost two decades of service and economic stewardship as the outgoing Chairman.

I am quite pleased that the President has nominated my fellow New Jerseyan, Dr. Bernanke, to be Chairman of the Federal Reserve and am confident that he will do a good job in his new position, while making our shared State of New Jersey proud.

Mr. President, I yield the floor.

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