In his first address as Federal Reserve chairman, Ben Bernanke on Monday vowed to stick to the U.S. central bank's dual mission of keeping prices stable and promoting growth and jobs in cooperation with Congress. "Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly," Bernanke told an audience at the Fed's headquarters with President George W. Bush at his elbow.

Bush -- only the third president to make the less than a mile trip to the Fed building -- praised Bernanke and his predecessor, Alan Greenspan, saying the U.S. central bank has become a global symbol of sound policy-making.

"Around the world, the Fed is a symbol of integrity and reliability," Bush added. "Its decisions set our nation's monetary policy, assure a sound banking system and help contain the risk that can arise in our financial markets."

Greenspan's 18-1/2 year tenure as Fed chairman ended Tuesday, when he and other policy-makers raised U.S. short-term interest rates for a 14th straight time, lifting the federal funds rate, which is the Fed's key policy tool, to 4.5 percent.

The 79-year-old Greenspan is starting a consulting firm, writing a book and intends to give speeches.

Bernanke, who served as a top economic adviser at the White House prior to being nominated to succeed Greenspan, was officially sworn in to the top Fed post Wednesday in a private ceremony by Vice-Chairman Roger Ferguson, who again administered the oath at Monday's ceremonial gathering.

Bernanke, 52, is a highly regarded monetary economist who served a term as Fed governor from 2002-2005. Bush praised his judgment and credentials, adding that he appreciated Bernanke's "sly sense of humor" during his White House service.

"The Fed's actions touch the lives of all Americans and the chairman of the Federal Reserve must be a leader of unquestionable credentials, sound judgment and impeccable character," Bush said. "Ben Bernanke meets those high standards and he will be an outstanding chairman of the Federal Reserve."

Among attendees at the ceremony on Monday, in addition to dozens of Fed staff members and some Bush administration cabinet officials, was Paul Volcker who preceded Greenspan as Fed chairman.

Volcker was not only a towering physical presence but during his tenure from 1979-87, was credited with breaking the back of inflation and helping set conditions that allowed Greenspan to guide the economy to a record expansion in the 1990s.

Bernanke made no mention of current economic conditions during his brief remarks at his swearing-in, but expressed his commitment to guiding the Fed toward fulfilling its mission.

"I am confident that we will meet whatever challenges the future may bring," Bernanke said. He added that he hoped for "a strong and constructive relationship" with Congress.

Bernanke travels to Capitol Hill to deliver his first assessment of U.S. economic conditions on February 15-16 before the U.S. House of Representatives and Senate, giving lawmakers a chance to prod him about how he intends to set the U.S. central bank's course.

Financial markets now anticipate that Bernanke will initiate at least one more interest-rate rise when the policy-setting

Federal Open Market Committee next meets on March 28.

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