Bush nominee for Fed promises continuation of Greenspan legacy

Northwestern Financial Review, Dec 1-Dec 14, 2005

Ben Bernanke, nominated to replace Alan Greenspan as chairman of the Federal Reserve, told members of the Senate Banking Committee that if confirmed, he would maintain focus on long-term price stability, something Bernanke called the Fed's greatest contribution to economic prosperity. "I will make continuity with the policies and policy strategies of the Greenspan Fed a top priority," Bernanke testified.

He promised a continuation of policies that have grown increasingly transparent, and hinted that he would like to move toward inflation targeting. "Providing quantitative guidance about the meaning of 'long-term price stability' could have several advantages, including further reducing public uncertainty about monetary policy and anchoring long-term inflation expectations," he stated.