Central Banking

US Senate gives 11% raise for Greenspan

The Senate passed a bill that gives Federal Reserve chairman Alan Greenspan an 11% raise and puts the long-held tradition of the central bank chief's twice-yearly Capitol Hill testimony in writing. The bill, passed by voice vote, now goes to President Bill Clinton. He is expected to sign it and make it law, a Senate spokeswoman said.

The Fed measure was included in the American Homeownership and Economic Opportunity Act, which among other things, boosts Mr Greenspan's pay to about $157,000 a year

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