August 7, 2002

Hon. Alan Greenspan, Chairman

U. S. Federal Reserve Board

20th Street and Constitution Avenue, N. W.

Washington, D. C. 20551

Dear Mr. Chairman:

I noted in this morning's "Washington Post" that you expect to be awarded a knighthood by her Majesty's government in the United Kingdom.

In order to help spare you embarrassment, I call to your attention the provision of Article I, Section 9 of the Constitution of the United States which asserts that, "No Title of Nobility shall be granted by the United States: And no Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State."

I would urge you to either secure advance Congressional approval for your receipt of this title, or that you respectfully decline.

Thank you for your consideration.

With personal best wishes, I am

Sincerely,

Howard Phillips

Chairman

The Conservative Caucus, Inc.