Federal Reserve Chairman Alan Greenspan will testify next Thursday before the Senate Banking Committee as it considers his nomination for a fifth term at the central bank’s helm, the panel said Thursday.
The June 10 hearing will be held at 10 a.m., committee spokesman Andrew Gray said.
Bush nominated the 78-year-old Greenspan for a fresh four-year term as chairman of the central bank on May 18.
The hearing is a precursor for an expected committee vote on the nomination. Approval from the panel would set the stage for a vote on the nomination in the full Senate, which must approve the president’s choice.
The nomination is expected to face smooth sailing.
However, Greenspan is unlikely to serve the full four years because his separate term as a member of the Fed’s board runs out in January 2006. You have to be a board member to serve as chairman and you can only serve one full 14-year board term.
Greenspan’s current term as chairman expires June 20, but he can continue to serve as acting chairman if the Senate has not yet voted on his nomination.