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October 24, 2005 2:00 PM, EDT

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resident Bush on Monday named Council of Economic Advisers Chairman Ben Bernanke as the successor to Federal Reserve Chairman Alan Greenspan.

Bernanke, 51, joined the Fed as a governor in 2002 before moving to the lead the White House's CEA in June.

He was chairman of Princeton University's Economics Department from 1996 to 2002. His appointment is subject to Senate confirmation.

"The president has made a distinguished appointment in Ben Bernanke," said Greenspan, who has been the Fed's chairman for 18 years and will leave the Fed in January.

"Ben comes with superb academic credentials and important insights into the ways our economy functions. I have no doubt that he will be a credit to the nation as Chairman of the Federal Reserve Board," Greenspan said in a statement released by the Fed.