Greenspan Starts Fifth Term As Fed Chair

By Agence France-Presse Alan Greenspan, who has stewarded the U.S. economy through nearly 17 years of boom and bust, has begun a fifth term as chairman of the powerful central bank. According to a statement released June 21 by the Federal Reserve, Greenspan was sworn in Saturday in a ceremony administered by Vice President Dick Cheney at the Colorado home of former president Gerald Ford. The U.S. Senate last Thursday unanimously confirmed Greenspan, chosen by President George W. Bush to remain at the helm of the Fed. He was appointed Federal Reserve chairman for the first term by President Ronald Reagan, starting Aug. 11, 1987, and reappointed to subsequent terms by former presidents George Bush and Bill Clinton. Copyright Agence France-Presse, 2004