Greenspan Gets the Nod

WASHINGTON, D.C.: As the Senate Banking Committee endorsed Alan Greenspan's nomination for a third term Wednesday, the Federal Reserve chairman told Congress that the economy had good prospects for continued growth and low inflation. On the heels of Tuesday's announcement that the Fed would not cut interest rates based on evidence that the economy continues to grow at a moderate rate, Greenspan told the House Budget Committee that a strong hiring surge in February pointed toward an economic rebound. Financial markets were down slightly following Greenspan's assessment, which disappointed investors who had hoped for another interest rate cut. By the end of the week, the full Senate is expected to confirm Greenspan and Clinton nominees Alice Rivlin and Laurence Meyer to fill vacant spots on the central bank's board.