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Early Edition
Ask CNN: How Is The Chairman Of The Federal Reserve Chosen? How Long Is That Person's Term?
Aired February 22, 2001 - 7:49 a.m. ETTHIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
(BEGIN VIDEOTAPE)
LINDA KRAPF, DOYLESTOWN, PENNSYLVANIA: My name is Linda from Doylestown, Pennsylvania. And I want to ask CNN: How is the chairman of the Federal Reserve chosen? And how long is that person's term?
PETER VILES, CNN CORRESPONDENT: The president chooses chairman of the Federal Reserve, and then the Senate confirms those choices. Terms are four years in length. This is Alan Greenspan's fourth four- year term.
He was first nominated by president Reagan...
(BEGIN VIDEO CLIP)
RONALD REAGAN, FORMER PRESIDENT OF THE UNITED STATES: And now the vice president will swear Alan Greenspan in as the 13th chairman of the Federal Reserve Board.
GEORGE BUSH, FORMER VICE PRESIDENT OF THE UNITED STATES: I, Alan Greenspan.
ALAN GREENSPAN, CHAIRMAN, FEDERAL RESERVE: I, Alan Greenspan.
BUSH: Will solemnly swear ...
(END VIDEO CLIP)
VILES: ... then by President Bush, nominated a third time by President Clinton, and a fourth time by President Clinton. His current term expires in 2004.
(END VIDEOTAPE)
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