St. Paul Pioneer Press – Imagine that you wake up one morning with the power to rattle or rally financial markets across the globe, determine the strength or weakness of the U.S. dollar and encourageor discourage the purchases of cars or homes across America.
That’s the power Ben Bernanke will wield when he replaces Alan Greenspan as the chairman of the Federal Reserve. The 79-year-old Greenspan will retire Jan. 31, the same day the Senate will confirm Bernanke, 52, and begin his era.
A shy academician, Bernanke is expected to distinguish himself from Greenspan as more of a consensus-builder and clear-speaking communicator. He must do it while still establishing his authority over an institution historically run by strong-willed chairmen with deeper real-world experience than he brings to the role.
Short of the presidency, few jobs affect the lives of ordinary Americans more tangibly than the Fed chairman, yet few citizens know much about the Fed. So mysterious are its workings that transcripts of its closed-doors meetings are kept classified for five years.
Over the past 27 years, there have been only three Federal Reserve chairmen, and only 13 in the Fed’s 92-year history. A change atop the secretive institution is a big deal, as rare as a papal installation.
