Ben Bernanke formally took over the leadership of the U.S. Federal Reserve today.

Bernanke was sworn in as the 14th chairman of the Board of Governors of the Federal Reserve System and the chairman of the Federal Open Market Committee today, succeeding Alan Greenspan. The oath of office was administered at 9:00 ET by vice chairman Roger Ferguson, Jr.

The U.S. Senate confirmed Bernanke as chairman and as a member of the Board on January 31, following a hearing on November 15 by the Senate Committee on Banking, Housing and Urban Affairs. President Bush announced his intention to nominate Bernanke to the post on October 24.

His four-year term as chairman ends Jan. 31, 2010, and his 14-year term as a member of the board ends Jan. 31, 2020.