The Senate overwhelmingly approved the appointment of economist Alan Greenspan to become chairman of the Federal Reserve Board , a position considered the second most powerful in the country . Only two senators , Conrad of North Dakota and Johnson of New Jersey -- both Democrats , voted against the appointment . Greenspan , who chaired the Council of Economic Policy under President Ford , has considerable knowledge and experience . He has developed a reputation as an inflation - fighter . He is in a position to influence monetary policy and affect the economy 's performance over the next four 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. He is in a position to influence monetary policy and affect the economy's performance over the next four years.