Oct. 24, 2005--President Bush announced today that he has nominated Ben Bernanke to replace Alan Greenspan as the Chairman of the Federal Reserve.

Since June, Bernanke has been the chairman of the President's Council of Economic Advisers. Previously, he was a member of the Federal Reserve's board of governors for three years. Before joining the board, he was the Chairman of Princeton's Economics department.

Bernanke has been outspoken about fighting inflation, which is considered to be the largest threat he would face as Chairman. He also has been a proponent of the Fed using target pricing to keep inflation in check, which includes suggesting prices for such goods as gasoline.

President Bush pushed for a quick nomination, so the Senate would have the chance to confirm Bernanke before it adjourns for the year. Alan Greenspan's term ends on January 31, 2006.

The Chairman of the Federal Reserve is considered a powerful figure in global economics, affecting the interest rates that millions pay. Greenspan was appointed as Chairman an unprecedented five times, beginning in 1987. The Fed's announcements on interest rates, and Greenspan's accompanying quotes, garnered much media attention during his career.