MercoPress. South Atlantic News Agency

Greenspan continues until 2006.

The United States Senate this Thursday confirmed, by acclamation, Alan Greenspan as Chairman of the Federal Reserve for a fifth consecutive mandate.

However Mr. Greenspan, 78, said he will remain in the job until the beginning of 2006 when he plans to retire.

Only one Senator, Republican Jim Bunning voted against the nomination.

Mr. Greenspan's current mandate ends this Sunday. He was first named to the most influential financial post in the world by President Ronald Reagan in 1987.

Early this year president George Bush had anticipated he would be proposing Mr. Greenspan for a fifth period.

But Mr. Greenspan during Senate hearings anticipated he would accept the post for half the mandate, meaning he intends to retire early 2006.

Republican Jim Bunning said he voted against Mr. Greenspan because in 1992 and 2000 the chairman of the Fed did not act with sufficient speed in reducing interest rates, which currently are at their lowest level, 1%, since 1958.

Mr. Greenspan is a respected, almost revered figure by the American political system and other world central banks.