MercoPress. South Atlantic News Agency

First names to succeed Fed chairman Greenspan

United States president George W. Bush will be naming the successor of Federal Reserve chairman Alan Greenspan “as soon as possible” said Monday the White House spokesperson Scott McClellan.

"We're advancing in the nomination process", said McClellan who nevertheless did not advance dates or possible candidates for the crucial job which Mr. Greenspan will be abandoning next January 31, after 18 years as chairman.

"The president's staff has been working very hard assessing the candidates they will be presenting Mr. Bush , and he's been thinking about it also", he added.

Some analysts believe the nomination will take place sometime before the end of November with sufficient time for the candidate to be confirmed by the US Senate and to adapt to the new position. However McClellan only revealed this will take place "as soon as possible".

"The nomination is a priority for the administration but the president will make the decision when he's ready". President Bush was quoted Monday saying the nomination will be done at the "appropriate moment" and that he will choose someone who is "independent". "It's the Fed's independence that gives people confidence, not only in United States but in the rest of the world", added Mr. Bush.

Actually it's the Fed's Open Market Committee chaired by Mr. Greenspan which is responsible for deciding the basic interest rate, ups or downs, (and the strength of the US dollar) which has a direct influence in consumption, savings and investments both in the United States and the rest of the world. One of the possible candidates to succeed Mr. Greenspan is Ben Bernanke, a former governor of the Federal Reserve until last April when President Bush named him head of the White House Council of Economic Advisors.

Other names are Martin Feldstein, a former advisor to President Ronald Reagan and Glen Hubbard Dean of the Columbia University School of Business Administration.