Bush Compliments Greenspan's Work Despite Antipathy Toward Tax Package

WASHINGTON-President George W. Bush told reporters last week that Federal Reserve Board Chairman Alan Greenspan has performed well in his post and deserves another shot at the chairmanship. Whether he will re-nominate him or not is up in the air. “The words speak for themselves,” White House Press Secretary Ari Fleischer said, according to a transcript of a subsequent press conference. “I have not asked the President that logical follow-on question. But obviously, the President has given Chairman Greenspan a very strong endorsement, and his words speak for themselves.” Earlier this year, Greenspan commented the president’s tax package would do little to boost the sagging economy. Despite their differences, President Bush “views Chairman Greenspan as a very wise monetary steward; that Chairman Greenspan has a very steady hand at the helm of the monetary policies for our country; that he has very good judgment, sound judgment that is reassuring both to the President and to markets. And the President thinks that the decisions he’s made on monetary policy represent a longstanding series of actions by Chairman Greenspan recognizing his knowledge of the economy,” according to Fleischer. President Bush’s statement in response to a question from a reporter was made the same day Greenspan underwent surgery for benign prostatic hypertrophy, or an enlarged prostate. Tests for cancer turned out negative. The surgery was deemed “routine and successful.” Greenspan is interested in another tour as chairman. “The President and I have not discussed this but I greatly appreciate his confidence. I have been privileged to be appointed by five Presidents to various positions. If President Bush nominates me, and the Senate confirms his choice, I would have every intention of serving,” Greenspan said in response to the president’s comments last week. Greenspan took office as chairman, filling an unexpired term and then was designated to the board for a 14-year term beginning Feb. 1, 1992. He was appointed to his fourth four-year term as chairman on June 20, 2000. That term will expire on June 20, 2004, while his term on the board lasts until 2006. He has been appointed chairman by Presidents Ronald Reagan (R), George Bush (41) (R), and Bill Clinton (D).