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Bush nominates new Fed chief

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President George W. Bush announced today that he will nominate his top economic adviser Ben S. Bernanke to succeed Federal Reserve Chairman Alan Greenspan. Bush chose Bernanke to replace Greenspan, whose 18-year tenure at the Fed runs out on Jan. 31. The announcement came this afternoon. "The President has made a distinguished appointment in Ben Bernanke. Ben comes with superb academic credentials and important insights into the ways our economy functions. I have no doubt that he will be a credit to the nation as Chairman of the Federal Reserve Board," Alan Greenspan said in a statement. Bernanke is chairman of Bush's Council of Economic Advisers. He served on the Fed's Board of Governors for nearly three years before moving to the White House in June. His move to the White House was watched with interest on Wall Street because of the belief that he was on the fast track to replace Greenspan, media accounts said. Bernanke, a highly regarded monetary economist, has advocated steps towa...