Statement on the Senate Confirmation of Alan Greenspan To Be a Member and Chairman of the Board of Governors of the Federal Reserve System


August 3, 1987


I welcome the Senate's confirmation of Dr. Alan Greenspan as a member and Chairman of the Federal Reserve Board. I appreciate the Senate's expeditious consideration of his nomination and the overwhelming support afforded him by the Banking Committee and the Senate. Dr. Greenspan will now be able to assume his post as Chairman Volcker departs office.


Dr. Greenspan's experience in both the public and private sectors, spanning the last three decades, superbly qualifies him for this important and challenging position. His years of prior service to the Government, including his tenure as Chairman of the President's Council of Economic Advisers, have given him a broad perspective on the role of government and the operation of the Federal Reserve. In the private sector, Dr. Greenspan successfully practiced his profession as an economist and shared his talents through teaching. Dr. Greenspan will carry on the important traditions of an independent Federal Reserve System, dedicated to stability and economic growth while maintaining the safety and soundness of the banking system.