- The Washington Times - Thursday, May 8, 2003

ASSOCIATED PRESSAlan Greenspan, expressing appreciation for the confidence shown toward him by President Bush, said yesterday that he would accept a fifth term as chairman of the Federal Reserve.In a brief statement, Mr. Greenspan, who is in his 16th year as head of the nation’s central bank, said he would accept a nomination for another four-year term.Mr. Bush said in a surprise announcement on Tuesday that he plans to nominate Mr. Green-span for a new term when his current one expires next year.”If President Bush nominates me and the Senate confirms his choice, I would have every intention of serving,” Mr. Green-span said yesterday.”The president and I have not discussed this, but I greatly appreciate his confidence,” Mr. Greenspan said in his statement. “I have been privileged to be appointed by five presidents to various positions.”Mr. Greenspan, who took over as Fed chairman on Aug. 11, 1987, after being picked for the post by President Reagan, had served as chairman of the Council of Economic Advisers under President Ford. Mr. Greenspan was renominated for the Fed position once by Mr. Bush’s father and twice by President Clinton.Mr. Bush’s announcement, which came 14 months before the June 20, 2004, end of Mr. Greenspan’s term, was seen as an effort by the president to bolster market confidence at a time when the economy is struggling to mount a sustained recovery from the 2001 recession.In addition to Mr. Greenspan’s statement, the Fed also announced that the 77-year-old chairman had returned home yesterday after an overnight stay at a local hospital, where he underwent surgery for an enlarged prostate.”He will be back in the office later this week,” said spokeswoman Michelle Smith.

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