Clinton Chats With Fed Chief
In their first chat in 16 months, President Clinton and Federal Reserve Chairman Alan Greenspan talked about America's booming economy for an hour Tuesday in the Oval Office.
The meeting was "to exchange views on the national economy, to discuss ways in which we can continue the strong economic performance and the strong fundamentals that are the underpinning of the very successful economy that the American people are enjoying," presidential spokesman Mike McCurry said.
Beyond that, the administration refused to comment. Deputy press secretary Barry Toiv said the meeting "was not prompted by any particular policy issue." Another administration official said it was "a pretty wide ranging discussion."
Toiv said Clinton and Greenspan have good conversations because "they don't get leaked out afterward." Asked if Clinton was satisfied with the level of interest rates, Toiv said, "I don't think we comment on interest rates."
The meeting was the first since Jan. 8, 1997 between Clinton and the Fed chairman, one of the most powerful men in the world because of his control of the nation's money supply and interest rates.
Also at the meeting were Vice President Al Gore, Treasury Secretary Robert Rubin, Deputy Treasury Secretary Lawrence Summers, National Economic Council Director Gene Sperling and Sylvia Matthews, representing chief of staff Erskine Bowles.
It came as a surprise to some White House officials that Clinton and Greenspan had not met in 16 months. McCurry speculated before the meeting that their last session had been three or four months ago, or late last year.
Toiv said the two sides had been trying to set up the meeting for some time, and that Clinton and Greenspan typically like to see each other formally one to three times a year. McCurry said the White House maintains contact with the Fed through Sperling's National Economic Council.
"You know our view on monetary policy issues," McCurry said. "You know that we don't comment on them and we would obviously not seek any direct information about future Fed monetary policy decisions."
Written by Terence Hunt
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