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New Fed Nominee Pledges Continuity, Clarity

President Bush has nominated Ben Bernanke to head U.S. central bank, which is known as the Federal Reserve.

One of the Fed's key jobs is to fight inflation by setting the key U.S interest rate.

Mr. Bernanke, who currently leads the President's Council of Economic Advisors, has long suggested that the U.S. central bank could set an official inflation target rate. Analysts say a specific target would make it easier for businesses to anticipate future interest rates and other economic conditions.

Mr. Bernanke also advocates clearer communication from the Fed to markets, investors, and others affected by its economic decisions.

Professor Bernanke learned economics at Harvard and the Massachusetts Institute of Technology. He taught at Princeton University and rose to become head of the economics department.

Professor Bernanke is married and has two children.

Some information for this report provided by Bloomberg.