Fed Chairman Succession Timelines
July 17, 2013
It seems nearly certain that Ben Bernanke will not serve a third consecutive four-year term as Fed Chairman. His stewardship ends on January 31, 2014.
Fed Chairmen are appointed by the president, subject to senate confirmation. Bernanke’s immediate predecessors were Paul Volcker and Alan Greenspan.
The selection of Greenspan was announced by President Reagan on June 2, 1987. Greenspan’s senate hearing took place on July 21, 1987, and he was sworn in as chairman on August 11, 1987. The process, all in all, took just over two months.
Bernanke’s selection by President George W. Bush was announced October 24, 2005, just over 3 months prior to the end of Greenspan’s term. Senate hearings to the appointment of Bernanke were held three weeks later on November 15, and he was sworn in on February 1, 2006.
Fed policy is now a contentious issue in the great divide between Democrats and Republicans. It would be surprising if the process could be wrapped up in a mere couple of months, let alone weeks.
Copyright 2013, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Bernanke, Federal Reserve
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