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Volcker Retirement #316248

CBS Evening News for Tuesday, Jun 02, 1987
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(Studio: Diane Sawyer) President Reagan reported nominating economy Alan Greenspan to replace retiring Federal Reserve Bd. chairperson Paul Volcker.

(DC: Terence Smith) [REAGAN - accepts Volcker's decision with regret.] [VOLCKER - denies he's being pushed.] Greenspan's background outlined on screen. [GREENSPAN - claims economy is strong.] Reaction of fin. community to Volcker's retirement described. Volcker's impact on US econ. since his appointed noted. [Senator William PROXMIRE - praises Volcker.] [Lloyds Bank economy Roger BOOTLE, Salomon Brothers economy Henry KAUFMAN - react to news.] [REAGAN, Treasury Secretary James BAKER - cite their continued commitment to fight against inflation.] Admin. said announcing Volcker's departure now to avoid affecting upcoming economy summit in Venice.

(Studio: Diane Sawyer) Federal Reserve Bd. chairperson's importance to individual Americans as well as country in general noted.

(No location given: Lesley Stahl) [April 8, GREENSPAN - discusses need to restore savings and capital investments in United States to prevent Japan from taking economy lead in world; predicts recession in 1989; discusses inflation prospects.]

(Studio: Diane Sawyer, Robert Kolrich) Pols. of Greenspan's nomination considered.

Reporter(s):
Sawyer, Diane;
Smith, Terence;
Stahl, Lesley
Duration:
00:05:50

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