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Senate ratifies Greenspan
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February 3, 2000: 11:50 a.m. ET
Fed chief gets green light from Senate to govern economy for another 4 years
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NEW YORK (CNNfn) - In a widely expected move, the U.S. Senate Thursday confirmed Alan Greenspan to a fourth four-year term as chairman of the Federal Reserve -- even as some members criticized the Fed chief for being too quick to raise interest rates and slow the economy's progress.
The vote was the final leg of a three-step process that began with President Clinton's renomination of the 73-year-old central bank chairman early last month. His renomination was approved after a debate that began Wednesday afternoon.
During the nomination debate, an overwhelming majority of senators expressed their admiration for Greenspan's record since he took over at the Fed in 1987, helping to steer the U.S. economy to a record run of growth.
But a few saw the Fed's latest interest rate rise as a threat to working Americans who would now suffer from higher borrowing costs on everything from credit cards to mortgages.
Greenspan is scheduled to sit at the helm of the world's most influential central bank until June 2004. He currently ranks No. 3 in tenure as Fed chairman, behind William McChesney Martin who served from April 1951 to early 1970 and Mariner Eccles from November 1934 to early 1948. If he completes his term, Greenspan will become the second-longest serving chairman. 
-- from staff and wires
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