He'll have big shoes to fill. But Ben Bernanke says he's up to the job.
Bernanke, the lead White House economic adviser, was nominated Monday to succeed Alan Greenspan as Federal Reserve Board chairman.
Alabama Senator Richard Shelby, the Senate Banking Committee Chairman, says he's confident Bernanke will be well-received by members of his panel.
Bernanke is a former member of the Fed board. He became chairman of the president's Council of Economic Advisers earlier this year.
He says if confirmed he plans to continue the policies instituted under Greenspan's leadership, which began in 1987 and ends Jan. 31.
Wall Street has reacted positively to the announcement, with stocks on the upswing.