Release Date: February 3, 2006
For immediate release
President Bush is expected to participate in the ceremonial swearing-in of Ben S. Bernanke as the fourteenth Chairman and a member of the Board of Governors of the Federal Reserve System. The ceremony is scheduled to begin at 10 a.m. EST Monday, February 6 at the Board.
Other invited guests include members of Congress, Cabinet and agency officials as well as the staff of the Board and former Board Chairman Alan Greenspan. Chairman Bernanke will be sworn in by Vice Chairman Roger W. Ferguson, Jr.
President Bush’s attendance would mark the third visit by a President to the Board. President Franklin D. Roosevelt, on October 20, 1937, spoke at the opening of the Board’s first building, named after Marriner S. Eccles, Board Chairman 1934-1948. President Gerald R. Ford attended the swearing-in of a Board member, Philip C. Jackson, Jr., on July 14, 1975.
Dr. Bernanke began a four-year term as Chairman and fourteen-year term as a Board member on February 1, after taking the oath of office in a private ceremony. The Senate confirmed Dr. Bernanke on January 31, following a hearing on November 15 by the Senate Committee on Banking, Housing and Urban Affairs. President Bush announced his intention to nominate Dr. Bernanke on October 24.