Sen. Proxmire also criticized Mr. Greenspan's advocacy of banking deregulation. The Senate overwhelmingly approved the appointment of economist Alan Greenspan to become chairman of the Federal Reserve Board, a position called the second most powerful in the country. Only two senators, Conrad of North Dakota and Bradley of New Jersey--both Democrats, voted against the appointment. Greenspan, who headed the Council of Economic Advisers under President Ford, has considerable knowledge and experience. He has developed a reputation as an inflation-fighter. In his confirmation hearing, he said that inflation was not likely to rise above 2 percent for several years.
The Senate overwhelmingly approved the appointment of economist Alan Greenspan to become chairman of the Federal Reserve Board, a position called the second most powerful in the country. Only two senators, Conrad of North Dakota and Bradley of New Jersey--both Democrats, voted against the appointment. Greenspan, who headed the Council of Economic Advisers under President Ford, has considerable knowledge and experience. He has developed a reputation as an inflation-fighter. In his confirmation hearing, he said that inflation was not likely to rise above 2 percent for several years.