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1 1 (February 1, 2006)

handle is hein.crs/crsajas0001 and id is 1 raw text is: Order Code RS22271 Updated February 1, 2006 CRS Report for Congress Received through the CRS Web Chairman Greenspan's Retirement from the Federal Reserve Marc Labonte Specialist in Macroeconomics Government and Finance Division Summary Chairman Alan Greenspan's non-renewable term as governor on the Board of the Federal Reserve System (Fed) expired on January 31, 2006. On the same day, the Senate confirmed President Bush's nomination of Ben Bemanke to be Greenspan's successor. Bemanke has been Chairman of the President's Council of Economic Advisers, a Fed governor, and professor of economics at Princeton University. The Federal Reserve is responsible for setting the nation's monetary policy, among other duties. This report briefly outlines Chairman Greenspan's legacy and some of the issues facing his successor. It will not be updated. On January 31, 2006, Alan Greenspan retired from the Board of Governors of the Federal Reserve System (Fed). On October 24, 2005, President Bush nominated Ben Bernanke to be Greenspan's successor. On January 31, the Senate confirmed Bernanke's nomination by a voice vote. Bemanke was Chairman of the President's Council of Economic Advisers in 2005. From 2002 to 2005, he was a Fed governor. Prior to that, he was chair of the Economics Department at Princeton University, where he specialized in monetary economics. His research and theories on inflation targeting, the monetary transmission mechanism, and a global saving glut have been widely cited. The Chairman of the Board is also Chairman of the Federal Open Market Committee (FOMC), which sets the nation's monetary policy. The FOMC meets every six weeks to set monetary policy by setting a target for the federal funds rate, the overnight interbank lending rate. The Federal Reserve is also responsible for regulating financial holding companies, enforcing certain financial regulations, issuing paper currency, clearing checks, and collecting economic data.' 1 See CRS Report RL30354, Monetary Policy: Current Policy and Conditions, by Marc Labonte and Gail Makinen; and CRS Report RS20949, The Federal Reserve: Recurrent Public Policy Issues, by Marc Labonte. Congressional Research Service + The Library of Congress

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