“Alan Greenspan has been everywhere in guiding economic policy in the wake of the terrorist attacks, slashing interest rates, helping to get Wall Street running again, shaping the tax cuts being developed by Congress and evaluating which airlines should receive government loan guarantees,” writes Richard Stevenson in today’s New York Times.

“But his expansive role has provided his critics on both ends of the ideological spectrum with new ammunition for their argument that Mr. Greenspan is meddling in issues far removed from his responsibilities at the central bank.”

“The critics, including members of Congress and economists and analysts outside of government, said Mr. Greenspan’s influence had grown to troubling proportions, given that he does not hold elective office. And they said that by becoming involved in so many issues beyond interest rates and banking regulation, Mr. Greenspan risks undermining the Fed’s independence from politics, a status that Mr. Greenspan has worked hard to cement.”

” ‘He’s kind of become the jack-of-all- trades in Washington,’ said Senator Byron L. Dorgan, Democrat of North Dakota. ‘Seems to me the country is best served if he masters monetary policy. The record is quite clear that he leaps at opportunities beyond monetary policy for his own reasons.’ “

“Mr. Greenspan still enjoys broad and deep support among both parties in Washington and on Wall Street. There is little evidence that his advice and consent, whether given reluctantly or eagerly, is any less sought after than ever, especially at a time when members of Congress from both parties see the Bush administration’s economic team as untested.”

“Indeed, to his admirers, the Fed chairman’s experience and stature have been vital in helping the nation to minimize the economic damage after the attacks and to project stability.”

” ‘The face of Alan Greenspan was ever- present and reassuring,’ said Representative Jim Leach, Republican of Iowa.”

“But his prominence in the last month on so many issues — and the degree to which both Congress and the administration have relied on him for guidance — have brought the debate over the proper limits of his influence into sharper focus.”

“About the only job the Fed chairman has not been given, one economist in Washington said, is selecting military targets in Afghanistan.”