LINDA KRAPF, DOYLESTOWN, PENNSYLVANIA: My name is Linda from Doylestown, Pennsylvania. And I want to ask</s>CNN: How is the chairman of the Federal Reserve chosen? And how long is that person's term?</s>PETER VILES, CNN CORRESPONDENT: The president chooses chairman of the Federal Reserve, and then the Senate confirms those choices. Terms are four years in length. This is Alan Greenspan's fourth four- year term. He was first nominated by president Reagan...</s>RONALD REAGAN, FORMER PRESIDENT OF THE UNITED STATES: And now the vice president will swear Alan Greenspan in as the 13th chairman of the Federal Reserve Board.</s>GEORGE BUSH, FORMER VICE PRESIDENT OF THE UNITED STATES: I, Alan Greenspan.</s>ALAN GREENSPAN, CHAIRMAN, FEDERAL RESERVE: I, Alan Greenspan.</s>BUSH: Will solemnly swear ...</s>VILES: ... then by President Bush, nominated a third time by President Clinton, and a fourth time by President Clinton. His current term expires in 2004.
Ask CNN: How Is The Chairman Of The Federal Reserve Chosen? How Long Is That Person's Term?