I would like to join Chairman Gramm and my colleagues in welcoming Federal Reserve Board Chairman Greenspan to this hearing. I look forward to his speedy confirmation for an additional term as Chairman of the Federal Reserve.
Alan Greenspan's tenure as Chairman of the Federal Reserve Board has been marked by a number of major accomplishments. America is currently experiencing the lowest unemployment rate in 30 years, and our economy is now in the longest economic period of expansion in our history. I would also be remiss if I failed to mention Chairman Greenspan's role in enacting financial modernization. Congress had tried for a number of years to update our financial laws without success. Chairman Greenspan played an important role in the compromise that we were finally able to enact into law.
Low inflation, low unemployment, and rising wages have created significant economic opportunities for all Americans. The robust stock market has also created opportunities for many. Undoubtedly much of the credit for the positive economic scenario is owed to the policies of Alan Greenspan.
Because this is a nominations hearing, I would also like to take this opportunity to commend Chairman Greenspan for his strong sense of public service. No doubt a man of his stature could have his choice of positions in the private sector or opportunities in private life. However, Chairman Greenspan has chosen to dedicate himself to serving the American people. Although his decision may not have brought him the personal financial rewards of the private sector, the American people have reaped the financial rewards of Chairman Greenspan's decision to remain in public service.
I am pleased to welcome Chairman Greenspan to the Banking Committee hearing today. I look forward to his testimony, and I look forward to working with him as Chairman for another four years.