Clinton proposed a $30 billion economic stimulus package in his first year in office, but his proposal was blocked by Senate Republicans, and he would be unable to win the passage of any similar proposal for the remainder of his presidency. Clinton held office at a time when monetarism had supplanted Keynesianism as the dominant theory of economic growth among many in Washington. Under the theory of monetarism, Clinton's fiscal policies would have relatively little impact on the economy. Instead, monetarists contended that the economy was guided by the Federal Reserve Board of Governors, a group of appointed officials who set monetary policy. Throughout Clinton's presidency, Alan Greenspan served as the Chairman of the Federal Reserve, and he emerged as an especially prominent public figure as the economy improved in mid-to-late 1990s. Though much of the credit for the strong economy was assigned to Greenspan, the Clinton administration also basked in the approval of Americans who enjoyed the benefits of a strong economy, and good economic conditions helped Clinton remain popular despite controversies over his personal life.
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