A New--Temporary--Title for Greenspan

Alan Greenspan, who has served as chairman of the Federal Reserve Board since 1987, got a different title Friday--temporary chairman of the Fed.

The board voted to provide Greenspan with that designation because his term as chairman expires today and he has not yet been confirmed for another term.

Fed officials said that under law the board has the power to designate a chairman pro tempore and that person can serve until the Senate confirms a permanent chairman.

President Clinton last week announced, as expected, that he would nominate Greenspan for a third term as head of the nation’s central bank--a length of tenure achieved by only two other men in Fed history.

However, the White House has not yet forwarded the paperwork on the nomination to the Senate and the Senate Banking Committee has yet to schedule a hearing.

But Sen. Alfonse M. D’Amato (R-N.Y.), chairman of the panel, has predicted a speedy confirmation for Greenspan. A hearing on the nomination could be scheduled as soon as next week.

Clinton also announced last week his decision to nominate White House budget director Alice Rivlin to be vice chairman of the Fed and St. Louis economist Laurence H. Meyer for a third spot on the seven-member Fed board.

However, hearings on those two nominees are not expected to occur for several more weeks.