Greenspan nomination hearing set for June 10

Federal Reserve Chairman Alan Greenspan will testify next Thursday before the Senate Banking Committee as it considers his nomination for a fifth term at the central bank’s helm, the panel said Thursday.

The June 10 hearing will be held at 10 a.m., committee spokesman Andrew Gray said.

Bush nominated the 78-year-old Greenspan for a fresh four-year term as chairman of the central bank on May 18.

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The hearing is a precursor for an expected committee vote on the nomination. Approval from the panel would set the stage for a vote on the nomination in the full Senate, which must approve the president’s choice.

The nomination is expected to face smooth sailing.

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However, Greenspan is unlikely to serve the full four years because his separate term as a member of the Fed’s board runs out in January 2006. You have to be a board member to serve as chairman and you can only serve one full 14-year board term.

Greenspan’s current term as chairman expires June 20, but he can continue to serve as acting chairman if the Senate has not yet voted on his nomination.