Yesterday President Reagan announced that he would nominate Alan Greenspan , 61 , to replace Paul Volcker as chief of the nation 's central bank . Reactions in Congress and Wall Street have been mixed . Mr. Greenspan headed the Council of Economic Policy under President Ford . Greenspan currently heads Townsend - Greenspan Associates , an economic consulting firm . Although he is a follower of Ayn Rand, the late philosopher who fervently advocated freeing capitalism from government constraints, Mr. Greenspan gets along well with politicians of both parties. He helped shore - up the Social Security system in 1983 and negotiated on Ford 's behalf at the 1984 Republican Convention . Greenspan is a foe of socialism and supply - side economics , and supports cutting the federal budget deficit . He is unmarried and enjoys socializing , including playing musical instruments at parties . He has a dry sense of humor and excellent press relations .
Yesterday President Reagan announced that he would nominate Alan Greenspan , 61 , to replace Paul Volcker as chief of the nation 's central bank . Reactions in Congress and Wall Street have been mixed . Mr. Greenspan headed the Council of Economic Policy under President Ford . Greenspan currently heads Townsend - Greenspan Associates , an economic consulting firm . He helped shore - up the Social Security system in 1983 and negotiated on Ford 's behalf at the 1984 Republican Convention . Greenspan is a foe of socialism and supply - side economics , and supports cutting the federal budget deficit . He is unmarried and enjoys socializing , including playing musical instruments at parties . He has a dry sense of humor and excellent press relations .