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Tuesday April 05, 10:48
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Greenspan’s successor has not been chosen yet, Rove says
(by Olivia Cohen)
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The successor to the US Federal Reserve longtime chairman Alan Greenspan has not been picked yet, said Bush’s top advisor Karl Rove.
Mr. Rove said the Bush administration is still considering who could replace Greenspan that had been ruling the US central bank for 17 years.``You want the Federal Reserve chairman to be as strong as possible right up to the end, and there’s no need to add sort of controversy and discussion while he’s still exercising the full powers of the department,’’ he said.
The fifth straight term for Greenspan ends on January 31, 2006, Rove said. His main duties were to oversee interest rates, bank regulations, foreign-exchange flows, the payments system and the nation’s money supply.
``I think that’s a little premature’’ to say whether the Bush administration would name the person to replace Greenspan this year.
Fed hiked interest rate to 2.75% last month, pursuing a «measured-pace» policy. The rate was lifted as many as seven times since June.
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