Manufacturing Leader Praises Greenspan's Reappointment

Head of the National Assn. of Manufacturers (NAM) praised President Clinton's reappointment of Alan Greenspan to a fourth term as Federal Reserve chairman. "There's a basic rule in business: Don't mess with success," said NAM president Jerry Jasinowski. "Chairman Greenspan has provided thoughtful, forward-looking and very prudent leadership." Clinton announced the reappointment Jan. 4. Greenspan has guided U.S. monetary policy since Ronald Reagan was president and will be 74 when his current term expires in June. Analysts credit his handling of interest rates with helping to sustain the outstanding strength of the U.S. economy in recent years. Often voicing concern about "exuberance" in financial markets, he has sought to prevent inflation from killing off a nine-year expansion without choking the economy by being too aggressive in raising interest rates. "This chairman's leadership has been good not just for the economy and the mavens of Wall Street but good for ordinary Americans," Clinton said in an Oval Office ceremony, adding that "wise leadership from the Fed has played a very large role" in the nation's economic expansion over the last decade.