Greenspan Approved for Fifth Fed Term
The Senate confirmed Alan Greenspan for a fifth and final term as chairman of the Federal Reserve, clearing him to serve at the central bank into 2006.
Greenspan’s renomination was approved by voice vote without opposition just days before his term was to expire.
The vote came on the eve of what is widely expected to be the first interest rate increase by the Fed in four years. Fed officials are expected to nudge its benchmark short-term rate up from its 46-year low of 1% when they meet June 29 and 30.
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