Kay Bailey Hutchison: “I rise in support of Alan Greenspan's nomination as Chairman of the Federal Reserve Board. Many years from now…”

“I rise in support of Alan Greenspan's nomination as Chairman of the Federal Reserve Board. Many years from now, historians may look at the Clinton Presidency and say that the best decision he made in office was to keep Alan Greenspan at the helm of the Federal Reserve. Alan Greenspan, the individual, is a man of unquestioned integrity and intellect. I have known him for over two decades. He is truly one of our finest public servants. He has served at the Federal Reserve since 1987, and a steady hand at the wheel he has been. When the economy could have been volatile with a less experienced person, having him there caused the seas to be more tranquil. As my colleague Senator Gramm has said, he may be the finest central banker we have ever had in the United States or, for that matter, the world has ever known. In fact, it is the example he has shown that has caused many other countries to realize the importance of having a central bank of transparency, of having someone who is not political at the helm of Federal Reserve policy. This example is going to strengthen many new democracies we are seeing in the world today, and his example will be the one they follow.”