Washington (June 21, 2004) -- As expected, the Senate approved President Bush's nomination of Alan Greenspan to serve a fifth term as chairman of the Federal Reserve.

The approval late Thursday came on a voice vote, shortly after the Senate Banking Committee endorsed the nomination.

According to an Associated Press report, Sen. Jim Bunning, R-Ky., was the only vote against the confirmation. Bunning opposed the nomination because he believed Greenspan didn't move quickly enough to lower interest rates in 1992 and 2000, and he objected to Greenspan's voicing opinions on subjects such as tax and budget issues that Bunning said were outside of the Fed's jurisdiction, AP said.

Greenspan, 78, has chaired the Fed since 1987, when he was nominated by President Reagan to succeed Paul Volcker. He reportedly plans to retire in January 2006, when his 14-year term as a Fed board member expires.

-- WebCPA staff

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