Reed: Fed confirmation expected

Ben Bernanke’s nomination to succeed Alan Greenspan as Federal Reserve chairman is likely to proceed “quickly'” after a confirmation hearing before the Senate
Banking Committee, a member of the panel told Bloomberg News earlier this week.

“I would assume this would go quite quickly,'” said Senator Jack Reed, a Rhode Island Democrat, without giving a specific timetable.

Bernanke was nominated by President George W. Bush on Oct. 24 to succeed Alan Greenspan, whose non-renewable term as chairman ends Jan. 31. Greenspan has been Fed chairman for more than 18 years.

Reed, speaking to reporters on a conference call Monday, said he would like Bernanke, 51, to comment on issues including the difference between productivity and wage growth. Productivity, a measure of output per hour worked, rose 3 percent in the third
quarter from a year earlier while salaries, adjusted for inflation, fell 2.3 percent.

While Reed said he won’t make a decision on whether to support Bernanke until after the hearing, the nominee is likely to be approved.


This is a non-controversial nomination,'” Reed said.

Bloomberg News