Greenspan's New Challenge At The Fed

President Bush has finally acted to reappoint Alan Greenspan to a second four-year term as chairman of the Federal Reserve Board. But that doesn't mitigate the unfortunate impression created by the Administration's prior delay in announcing the occupant of what is arguably the second-most-powerful position in the nation. At a time when the recovery has hardly begun, the Administration's dilatory behavior has caused uncertainty in financial markets and bred rumors that it is trying to undercut Greenspan's leadership role within the Fed and pressure him to ease monetary policy further. This is neither what the economy needs nor what Greenspan deserved.

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