US Federal Reserve boss Ben Bernanke has been sworn in to his new role, promising to try and fight inflation, foster economic growth and create jobs.
President Bush says Mr Bernanke is "an economist's economist"
The ceremony at the Fed's headquarters was attended by former chairmen Alan Greenspan and Paul Volcker, as well as President George W Bush.
Mr Bernanke, who has been in his post since last Wednesday, looked forward to a "strong relationship" with Congress.
He is a former Fed board member and economic adviser to President Bush.
Mr Bush said that the new Fed chairman "understands that economics is more than just crunching numbers".
"Good economics embraces policies that unleash hope and hard work and the power of free people to be able to fashion and improve their lives," he said.