For immediate release

Ben S. Bernanke on Friday took the oath of office for a new term as a member of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Alan Greenspan in the Chairman's office. Governor Bernanke's wife, Anna; daughter, Alyssa, and son, Joel, were present.

President Bush announced his intention to nominate Governor Bernanke on September 9 and the Senate confirmed him on October 24. He originally took office on August 5, 2002 as a member of the Board to fill an unexpired term. The new term begins February 1, 2004 and expires January 31, 2018.

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