GREENSPAN DEFENDS RECORD : FED CHAIRMAN, SEEKING THIRD TERM, CALLS BANK `EXTRAORDINARILY WELL RUN'.Byline: Richard W. Stevenson The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times Responding to a congressional report that was critical of the Federal Reserve's management of its finances, Alan Greenspan Alan Greenspan Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. defended his record as chairman of the central bank at a Senate hearing Tuesday on his nomination to a third term, calling the Federal Reserve ``an extraordinarily well-run organization.'' On a day in which the Federal Reserve's monetary policy committee decided to leave interest rates unchanged, Greenspan also gave a relatively upbeat though brief assessment of the economy, saying it was operating at a ``reasonably good clip'' with unemployment ``lower than it's been at any time in the recent past.'' And Greenspan, a strong advocate of making inflation the Federal Reserve's overriding concern, heard President Clinton's nominees to two vacant Federal Reserve seats say that while price stability would be their top priority, they also would focus on jobs and economic growth. Clinton and many other Democrats have questioned whether the Federal Reserve, by fighting inflation so aggressively in recent years, has kept the economy from growing at its full capacity. Greenspan and the two other nominees to the seven-member Federal Reserve Board, White House budget director Alice Rivlin Alice Mitchell Rivlin (born March 4, 1931 in Philadelphia) is an economist, a former U.S. Cabinet official, and an expert on the budget. She is currently on the board of directors of the New York Stock Exchange. Rivlin is an alumna of The Madeira School, earned a B.A. and Laurence B. Meyer, a prominent economist at Washington University in St. Louis “Washington University” redirects here. For other uses, see Washington (disambiguation). Washington University in St. Louis is a private, coeducational, research university located in St. Louis, Missouri. , were praised by Republicans and Democrats alike on the committee, and seemed assured of confirmation. But Greenspan, who is normally treated with considerable deference when he appears before Congress, came in for sharper than usual questioning about the congressional report on the Federal Reserve, which was compiled over the past two years by the nonpartisan non·par·ti·san adj. Based on, influenced by, affiliated with, or supporting the interests or policies of no single political party: a nonpartisan commission; nonpartisan opinions. General Accounting Office and issued Monday by two Democratic senators, Byron Dorgan Byron Leslie Dorgan (born May 14 1942) is the junior United States Senator from North Dakota. He is a member of the North Dakota Democratic-NPL Party, the North Dakota affiliate of the Democratic Party. of North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). and Harry Reid of Nevada. The senators have sought ways to require more accountability from the Federal Reserve, which at its founding in 1913 was granted the freedom to operate with no direct oversight from Congress as a means of ensuring its independence in setting interest-rate policy. |
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