Bush Picks Bernanke

President Bush named top White House economic adviser Ben Bernanke as chairman of the Federal Reserve Board on Monday to succeed the near-legendary Alan Greenspan.

"The decisions of the Fed affects the lives and livelihood of all Americans," Bush said at the White House as Bernanke and Greenspan looked on. He said his choice "commands deep respect in the financial community."

It was the third time in as many years the president has turned to the 51-year-old Bernanke for a sensitive post. Bush named him to the Fed board in 2002, then made him chairman of the president's Council of Economic Advisers earlier this year.

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