Fed chief nominee has local bankers optimistic

Local bankers said they aren’t all that familiar with Ben Bernanke, President Bush’s nominee to be the next Federal Reserve chairman, but they like what they’ve heard about him so far.

“He’s got some pretty good qualifications,” said North County Bank president Jack Myles. “Some of the major banks have already jumped on the bandwagon saying they really like him.”

Frontier Bank president Lyle Ryan said he’s hoping for a nominee that would “follow all the good direction Chairman (Alan) Greenspan gave us over the years.”

Bernanke seems likely to do that, Myles said. “He probably won’t change much.”

Myles said he’s looking for a Fed chairman who can master the art of economics, as well as the science.

“The Fed chairman has to look at not just the numbers, but also what’s going on with the economy and with consumers,” he said.

First Heritage Bank president Bob Bryce described himself as an unabashed fan of the out-going Greenspan.

“The world doesn’t have that many really sharp people,” he said. “Greenspan? I don’t think you can replace him. This guy, he was brilliant.”

But there’s a lot to like about Bernanke, Bryce said.

“I don’t think this guy’s as smart as Greenspan, but his education’s 30 years more current, he’s got energy, and he’s got youth,” he said. “He’ll do fine. He isn’t Alan Greenspan, but so what?”