Chuck Schumer: “Not only his thought and care but his solid and sound judgment. The Chairman told me, and he said it repeatedly, he…”

“Not only his thought and care but his solid and sound judgment. The Chairman told me, and he said it repeatedly, he always had a slight lean towards combating inflation. It was not an ideological lean, as opposed to stimulating the economy or combating inflation. But he always said, once you let the genie out of the bottle, it is very hard to get it back. So he erred on the side of caution in terms of letting the economy overheat. My goodness, has that served us well during his 12 years as Chairman. His steadiness, his intelligence, his judgment, his thoughtful care, his knowledge, all add up to the fact that this is a wonderful day, not only for him--and I hope he will be approved unanimously by this body. This should not be a nomination where ideology--I think he is a Republican, actually. I think he served in the Council of Economic Advisers under, I guess it was President Ford. It is not one where ideology or party should play but, rather, the good of America. So it is my honor to cast my vote for a great New Yorker, a great American, a great Chairman of the Federal Reserve, and someone who is truly a national treasure. I will be proud to vote for Alan Greenspan.”