[Congressional Record Volume 142, Number 94 (Monday, June 24, 1996)]
[Senate]
[Pages S6751-S6752]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     RENOMINATION OF ALAN GREENSPAN

 Mr. KOHL. Mr. President, I supported Alan Greenspan's 
renomination

[[Page S6752]]

to Chair the Federal Reserve Board for a third term.
  Any decision of such importance to the American people deserves 
careful consideration. But now that we have had a constructive debate, 
I am pleased that the Senate moved forward with this long-delayed 
process.
  As some of you know, Dr. Greenspan's impressive career includes three 
decades of work with a private sector economic consulting firm, during 
which time he held the positions of both chairman and president of the 
company. Other distinguished achievements include chairmanship of 
President Ford's Council of Economic Advisers, membership on President 
Reagan's Economic Policy Advisory Board and consulting work for the 
Congressional Budget Office.
  And as Chairman of the Federal Reserve Board for the past 8 years, 
Dr. Greenspan has won the respect and confidence of Republican and 
Democrats alike and consistently steered American monetary policy on a 
prudent and responsible course.
  Mr. President, the economy is strong and growing. Inflation is under 
control, and mortgage rates have averaged 7.8 percent, the lowest since 
Lyndon Johnson was in the White House. Much of this success is due to 
the constancy and apolitical management of our country's monetary 
policy. And while I will support reforms of Fed management to ensure 
that taxpayer funds are used responsibly, I will not support efforts to 
subject the Federal Reserve to political influence.
  Considering his past record and looking to the future, Alan Greenspan 
deserves reappointment. He is the best candidate for the job, and I am 
confident that he will continue providing vital leadership toward our 
common goal of keeping the economy robust.
  I supported his renomination and am pleased that the majority of my 
colleagues opted to do the same.

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