Greenspan nominated for fifth term

Alan Greenspan took office June 20, 2000, as Chairman of the Board of Governors of the Federal Reserve System for a fourth four-year term ending June 20, 2004. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He originally took office as Chairman and to fill an unexpired term as a member of the Board on August 11, 1987. Dr. Greenspan was reappointed to the Board to a full 14-year term, which began February 1, 1992. He has been designated Chairman by Presidents Reagan, Bush, and Clinton.

www.federalreserve.gov...

I guess that answer's my own question he filled in for someone else from 1987-1992.

Also from what I have read now he does not necessarily have to quit in 2006.

Under law, a board member who has completed a full 14-year term, as Greenspan will have done, cannot be reappointed for another Fed term. However, a Fed board member can continue to serve once his term has ended until the president nominates and the Senate confirms a successor.

www.tampabaylive.com...

I have been looking at who may be the next chairman, but do not have any personal insight so far.

I think they should put a limit on the amount of consecutive terms politicians (Sentors, Representatives, Alan Greenspan, etc...) are able to have (not just the president). I kind of liked Bill Clinton's idea with a new type of term law (an amendment to the 22nd amendment, lol) for the president. I think it went like this: No more then two consecutive terms at once.

What does that mean? Just like it says it does: that a person can be president for only two consecutive terms at once. But, that same person could come back and try again another 4 years later.

At present, the constitutional amendment, enacted after Franklin Roosevelt was elected to four terms, limits presidential service to two terms in a person's lifetime. But many state or local term limit measures instead limit the number of consecutive terms a person may serve.

I doubt President Clinton will ever get the amendment passed (and I think the 22nd amendment is a good thing), but, I think that amendment should hold true for all politicians. Alan Greenspan should in no way be able to hold that position for 5 consecutive terms (and it might not have been 5 consecutive terms, still... even 3 is too much). Just like Strom Thurmond and the rest of the political goons should not be able to hold their positions as long as they do (especially Supreme Court judges). New blood is a good thing. The US is technically run by a few "elite" political families, and it is just sickening.

Out with the old and in with the new.

[edit on 6-20-2004 by EmbryonicEssence]

Originally posted by EmbryonicEssence
I think they should put a limit on the amount of consecutive terms politicians (Sentors, Representatives, Alan Greenspan, etc...) are able to have (not just the president).

Well, maybe term limits are a good thing for politicians. But, I would agrue that the Federal Reserve is NOT a political group. It's our central bank. It is NOT one of the branches of our government.


"The Federal Reserve, the central bank of the United States, was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system.

Today the Federal Reserve's duties fall into four general areas: (1) conducting the nation's monetary policy; (2) supervising and regulating banking institutions and protecting the credit rights of consumers; (3) maintaining the stability of the financial system; and (4) providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions. "
www.federalreserve.gov...

DTOM,
I agree with you. for political office, term limits may make sense. You can view the Fed as any other large corporation. A sound management team is one you want to keep.