Greenspan Backs Social Security Plan ; Private Accounts Need to Be Set Up Cautiously

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Federal Reserve Chairman Alan Greenspan yesterday endorsed President Bush's idea of private Social Security accounts, saying the current system isn't set up to handle the approaching retirement of baby boomers.

But he also urged Congress to take a cautious approach and warned against moving too fast or borrowing too much money to finance the accounts because he is not sure how the markets will react to them.

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Greenspan Backs Social Security Plan ; Private Accounts Need to Be Set Up Cautiously

"If you're going to move to private accounts, which I approve of, I think you have to do it in a cautious, gradual way," Mr. Greenspan told members of the Senate Banking, Housing and Urban Affairs Committee, most of whom quest...

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