He won't get to call himself "Sir Alan" but Federal Reserve ( news - web sites) Chairman Alan Greenspan ( news - web sites) - often known as the second most powerful man in the United States - will get another title: knight.
Queen Elizabeth II ( news - web sites) has approved an honorary knighthood for Greenspan's "outstanding contribution to global economic stability," the British Treasury announced Tuesday. A copy of the release was distributed in Washington.
Greenspan will receive the award when he next visits the United Kingdom. A Federal Reserve official would not say when that would be.
"I am most privileged to accept this honor," Greenspan said in a statement. "I have valued my close relationships with the Bank of England and with many Chancellors of the Exchequer, going back nearly 30 years," he said.
The award also recognizes "the benefit that the UK has received from the wisdom and skill" with which Greenspan has led the Federal Reserve Board, the British Treasury said.
Greenspan will mark his 15th year as chairman of the Fed on Aug. 11.
American citizens admitted to British Orders of Chivalry do not get the right to be called "Sir," but Greenspan will be entitled to place the letters KBE - for Knight Commander of the British Empire - after his name, the British Treasury said.
Others Americans who have received honorary knighthoods include former New York City Mayor Rudolph Giuliani ( news - web sites), former presidents Bush and Reagan, and entertainer Bob Hope.