Ben Bernanke (R) is sworn in as the 14th chairman of the Federal Reserve, February 1, 2006, replacing Alan Greenspan who retired after 18-1/2 years at the helm of the central bank, in Washington. (Xinhua)

WASHINGTON, Feb. 1 (Xinhuanet) -- Ben Bernanke was sworn in to be the 14th Chairman of the Board of Governor of the Federal Reserve System on Wednesday, succeeding Alan Greenspan.

    At the same time, Bernanke, 52, became the Chairman of the Federal Open Market Committee, which is the central bank's policy-making arm.

    The oath of office was administrated in the Board Rood at 9:00 a.m. by Vice Chairman Roger W. Ferguson, according to a brief statement released by the Federal Reserve.

    Bernanke's four-year term as Fed chairman ends Jan. 31. 2010, and his fourteen-year term as a member of the Board ends Jan. 31, 2020.

    The Senate confirmed Bernanke as chairman and as a member of the Board on Jan. 31, following a hearing on Nov. 15 by the Senate Committee on Banking, Housing and Urban Affairs. President Bush announced his intention to nominate Bernanke on Oct. 24.

    Bernanke graduated in economics from Harvard in 1975 with to honors. He received a Ph.D in economics four years later from the Massachusetts Institute of Technology, and worked at Princeton University for 17 years before becoming a member of the Federal Reserve Board in 2002.

    Since June 2005, Bernanke has been chairman of the Council of Economic Advisers.

    Greenspan, 79, retired Tuesday after having leaded the central bank for more than 18 years. Enditem