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President Bush Seeks New Fed Chairman

The man who has been guiding the U.S. economy for the past 18 years, Federal Reserve Chairman Alan Greenspan, is set to retire at the end of January.

The head of the U.S. central bank is highly regarded by economists, markets and political leaders.

President Bush has given no indication who he is considering to replace Mr. Greenspan or when his decision will be announced.

News reports speculate that the chairman of Mr. Bush's Council of Economic Advisors, Ben Bernanke, is the leading candidate. He is a monetary economist and a former member of the key Fed committee that sets interest rates.

Other candidates include academic economists with policy experience like Glenn Hubbard and Martin Feldstein.