Enquirer wire services

WASHINGTON - President Bush renominated Alan Greenspan as chairman of the Federal Reserve on Tuesday, praising his leadership and sending a strong signal of stability to financial markets.

ALAN GREENSPAN

Born: March 6, 1926, in New York. Education: Bachelor's, master's and Ph.D., all in economics, from New York University. Career: Chairman and president of Townsend-Greenspan & Co. Inc., an economic consulting firm, 1954-74 and 1977-87; chairman of the President's Council of Economic Advisers, 1974-1977, under President Ford; chairman of the National Commission on Social Security Reform, 1981-1983; nominated to first term as Fed chairman by President Reagan in 1987, succeeding Paul Volcker. Renominated by the first President Bush in 1991 and President Clinton in 1996 and 2000. Family: Married to NBC correspondent Andrea Mitchell since 1997.

The nomination was announced as Greenspan met at the White House with the president.

"Sound fiscal and monetary policies have helped unleash the potential of American workers and entrepreneurs, and America's economy is now growing at the fastest rate in two decades," Bush said in a statement.

"Alan Greenspan has done a superb job as chairman of the board of governors of the Federal Reserve System, and I have great continuing confidence in his economic stewardship," the president said.

Bush had announced in April 2003 that he would keep Greenspan, 78, for a fifth term.

In a brief statement released by the Fed, Greenspan said, "I am honored to be nominated by President Bush and, if confirmed by the Senate, to continue my service as chairman of the board of governors of the Federal Reserve System."

Financial markets took the pro forma announcement in stride.

His confirmation is expected to win easy Senate approval. But some analysts predicted that Democrats would use the upcoming debate to highlight areas where they say Bush has failed in handling the economy.

Greenspan's term as chairman does not end until June 20, 2004, meaning that if Bush had waited to make his choice, the matter could have become embroiled in the presidential election campaign.

Under Greenspan, the Fed has generally won widespread praise.

"During his tenure, inflation has come down to the minimum levels," said David Resler, chief economist at Nomura Securities International. "And he has managed to steer a monetary policy course that has contained several crises, from the 1987 stock market crash to the Long Term Capital Management problems of 1998, the stock market collapse after 2000 and the post-Sept. 11 world."

Resler and others also praised Greenspan's Fed for greater transparency in its conduct of monetary policy.