"Ben Bernanke is the right man to build on the record Alan Greenspan has established," Bush said in an Oval Office ceremony with Greenspan and Bernanke at his side. Greenspan, 79, is set to step down on January 31 after more than 18 years at the helm of the US central bank.
Taking the microphone after Bush spoke, Bernanke hailed Greenspan for setting a standard of excellence in economic policy-making.
"Our understanding of the best practice in monetary policy evolved during Alan Greenspan's tenure at the Fed, and it will continue to evolve in the future," he said.
"However, if I am confirmed to this position my first priority will be to maintain continuity with the policies and policy strategies established during the Greenspan years," Bernanke said.
Bernanke, 51, is a top monetary economist who has long advocated setting formal targets for inflation to help guide monetary policy, a position Greenspan has long opposed.
Bernanke, currently chairman of the White House Council of Economic Advisers, must still be approved by the US Senate for the top Fed job. However, he went through a rigorous confirmation screening just over four months ago for his White House post, which may ease the way.
Bush urged the Senate to act promptly to confirm Bernanke.
The bearded Bernanke said if confirmed he would do "everything in my power in collaboration with my Fed colleagues" to ensure the stability of the US economy.