Federal Reserve Chairman Alan Greenspan plans to establish a consulting firm called Greenspan Associates in Washington after he leaves the central bank at the end of the month, the Wall Street Journal reported on Jan. 26, quoting people familiar with the matter.
The paper said Greenspan also plans to give speeches and write a book.
Michelle Smith, who the Fed said on Wednesday will leave her job as director of its office of board members to join Greenspan’s new firm, will be among his first hires, the paper said.
After joining the Fed in 2001, Smith served in effect as Greenspan’s chief of staff, advising him on relations with the public, politicians and the media, the paper cited Fed insiders as saying.
Greenspan, who has been Fed chairman for 18 years, is due to step down on Jan. 31. A Fed policy meeting on that day is widely expected to raise the federal funds rate by 25 basis points to 4.5 percent.
The Fed has lifted its overnight funds rate 13 times since June 2004.
