Bush Nominates Bernanke

NYT reported President Bush nominated today Ben S. Bernanke, his top economic adviser, to replace Alan Greenspan as chairman of the Federal Reserve Board. Calling Mr. Bernanke the "right man to build on the record that Alan Greenspan has established," Mr. Bush emphasized the nominee's "record of excellence as both an academic and policy maker." He spoke at the White House flanked by Mr. Bernanke and Mr. Greenspan. "He's earned a reputation for intellectual rigor and integrity,." Mr. Bush said of Mr. Bernanke. "He commands deep respect in the global financial community. And he will be an outstanding chairman of the Federal Reserve." In brief remarks Mr. Bernanke, 51, sought to reassure investors that there would be few immediate changes at the Fed when he takes over early next year. He praised Mr. Greenspan and said he would work with colleagues at the Federal Reserve to "ensure the prosperity of the American economy."

Here's a bio

Kudlow likes the choice.

Ace blogged Glad Bush went ‘smooth choice’ on his Chief banker pick. That other guy they were talking about, the one who advocates putting your all money in an old coffee can and burying it out in the tomato garden? That guy had ‘confirmation battle’ written all over him. Bernanke's econ. theory contributions and intellectual leanings get fleshed out nicely by Marginal Revolution.

Sean Hackbarth blogged On the plus side he's an inflation hawk like Greenspan. He's in favor of something called "inflation targeting." On the downside he hasn't worked on Wall Street, and it might take a while for the bankers and financiers to get comfortable with the academic.

Kash blogged This is actually a pretty good choice, I think. (Full disclosure: he was one of my professors in grad school, so I accept the possibility that I might be biased on this.) Bernanke is a superb macroeconomist, a nice guy, and, despite his current position as chair of the CEA (a position that has historically been filled by highly respected academics with only minor partisan leanings), he is not a sharply partisan or ideological person.