Bush Selects White House Economist Bernanke to Replace Greenspan

Bernanke, 51, served as a member of the board of governors of the Federal Reserve System for three years before being named chairman of the President's Council of Economic Advisers in June. He previously was an economics professor at Princeton University and served as chairman of the university's economics department from 1996 to 2002.

Bernanke, a Republican who holds a doctorate in economics from the Massachusetts Institute of Technology, has a fiscal philosophy similar to that of Greenspan, who was named Fed chairman by President Ronald Reagan in 1987 and renominated for four-year terms by three other presidents. However, Bernanke and Greenspan differ on whether the Fed should set targets for inflation. Bernanke believes the Fed should set such targets, while Greenspan does not.