President George W. Bush today nominated former FEMA Director Michael D. Brown to be a new Federal Reserve chairman, replacing retiring chairman Alan Greenspan. Chairman Alan Greenspan's 18-year tenure at the Reserve runs out on Jan. 31.
"I think it's important to bring somebody from outside the system, the Federal Reserve system, somebody that hasn't been at the bank and, therefore, there's not a lot of opinions for people to look at." said President Bush. "Brownie did a heckuva job on hurricane Katrina and whats more is that he is looking for a job at the perfect time.
Mike Brown defeated three other potential candidates regularly mentioned for the Fed chairman job: Glenn Hubbard, a past adviser to Bush; Harvard economist Martin Feldstein; and Fed governor-turned White House adviser Ben "Barney" Bernanke.