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US Senate Panel to Hold Greenspan
Hearing Wednesday

Reuters
WASHINGTON — The U.S. Senate Banking Committee said the renomination hearing of Federal Reserve Chairman Alan Greenspan would be held Wednesday starting at 2 p.m..

The hearing was originally scheduled for 10 a.m. .

The Banking Committee did not meet Tuesday because a surprise winter snowstorm in the nation's capital shut down the government.

President Clinton reappointed the 73-year-old Greenspan for a fourth term. Once approved by the committee, the reappointment will be put to a full vote on the Senate floor.

The Senate Banking hearing is scheduled just days before the U.S. economic expansion enters its 107th month in February, making it the longest on record, overtaking the 1961-69 expansion.

Sen. Harry Reid, a Democrat from Nevada, has suggested he will vote against Greenspan's reappointment because he contends that the Fed is not accountable enough to the public.

Some analysts say Greenspan's age could be a problem. If he serves out his full four-year term, he will then be 78. Some Fed watchers have speculated he may quit halfway through to make way for a younger successor.

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