Chairman Greenspan, 79, plans to open his own economic consulting business called Greenspan Associates, a person with knowledge of the venture said. The firm will be located in Washington, D.C. Clients haven't been lined up, yet.
With the venture, Greenspan's professional life seems to be coming full circle.
He started out as as an economic consultant in New York City. From 1954 to 1974, Greenspan was a top executive at Townsend-Greenspan & Co. After serving as President Ford's top economic adviser, Greenspan returned to the economic consulting firm, remaining there until 1987 when he was tapped to be the chief of the Fed.
Greenspan retires on Tuesday after 18-plus years running the central bank. He will turn over the reins to Ben Bernanke, who has been nominated by President Bush to be the next Fed chief.
After he leaves the Fed, Greenspan also will likely be a familiar face on the speaking circuit and may write a book.