THE WHITE HOUSE

                     Office of the Press Secretary
                     (Shepherdstown, West Virginia)
________________________________________________________________________
For Immediate Release                                    January 4, 2000

               PRESIDENT CLINTON NAMES CHAIRMAN GREENSPAN 
                 AS CHAIRMAN OF THE BOARD OF GOVERNORS 
                    FOR THE FEDERAL RESERVE SYSTEM

The President today announced his intent to nominate Alan Greenspan to serve as Chairman of the Board of Governors of the Federal Reserve System.

Chairman Greenspan, of New York, New York, currently serves as the Chairman of the Board of Governors of the Federal Reserve System and as Chairman of the Federal Open Market Committee, the System's principal monetary policy making body. Mr. Greenspan was first appointed to the Board on August 11, 1987. From 1974 to 1977 he served as Chairman of the President's Council of Economic Advisers and from 1981 to 1983 as Chairman of the National Commission on Social Security Reform.

Mr. Greenspan received a B.S., an M.S., and a Ph.D. in economics, all from New York University. He has also performed advanced graduate study at Columbia University.

The Federal Reserve System's primary function is the formulation of monetary policy. The System consists of a seven member Board of Governors with headquarters in Washington, D.C. and twelve Reserve Banks located in major cities throughout the United States. In addition to monetary policy responsibilities, the Federal Reserve Board has supervisory and regulatory responsibilities over various banking organizations and plays a key role in assuring the smooth functioning and continued development of the nation's payments systems.

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