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FOR IMMEDIATE RELEASE: October 24, 2005

Schumer On New Fed Chair Nomination

Sen. Charles E. Schumer, a member of the Senate Banking Committee, which will confirm the next Federal Reserve Chairman, talked to Chairman Bernanke TODAY, and released the following updated statement on the announcement of his nomination to replace Alan Greenspan:

"We need a careful, non-ideological person who understands that the Federal Reserve's main job is to fight inflation and Ben Bernanke seems to fit that bill. But an important question remains and will hopefully be answered at his confirmation hearing -- will Bernanke adopt the Greenspan model of flexibility in monetary policy that has served our economy so well?

"Because of the great job done by Chairman Greenspan, there's a great deal of confidence in monetary policy, but our fiscal policies inspire far less confidence. Chairman Bernanke's recent comments seeming to favor extending tax cuts without paying for them are troubling, but he assured me today that he was speaking only as the Chairman of the President's Council of Economic Advisors. In the next few years, the Federal Reserve Chairman's voice for fiscal restraint and moderation will be much-needed. I await eagerly how he sees his role in this regard at the upcoming Banking Committee hearings."

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