Greenspan gets nod for another Fed term

US President George W. Bush renominated Alan Greenspan on Tuesday for a fresh term as Federal Reserve chairman. In announcing Bush’s decision, White House spokesman Scott McClellan said that Bush wanted the 78-year-old Greenspan to lead the Fed ‘‘as long as possible’’.

As McClellan spoke, Bush held a private meeting with Greenspan. Bush’s formal request that the Senate approve Greenspan for a fifth four-year term marked a largely procedural move, but financial markets seemed to breathe a sigh of relief — the news contributed to a rise in stocks and the US dollar.

Greenspan, who has led the central bank since 1987, wasted no time in accepting the offer. ‘‘I am honoured to be nominated by President Bush,’’ he said. Even if Greenspan is approved for another term as Fed chairman, it is unlikely that he will be able to serve the full four years, because his separate term as a member of the Fed’s board expires in January 2006 and he cannot be renominated. —(Reuters)