NEW YORK (Reuters) - Former Federal Reserve Chairman Alan Greenspan is set to join hedge-fund firm Paulson & Co. as an adviser, The Wall Street Journal reported on Tuesday.

New York-based Paulson, with assets of $28 billion, is set to make the announcement on Tuesday, the report said.

Greenspan has been criticized by some for keeping the trendsetting federal funds rate at a low 1 percent from June 2003 through June 2004, which some say contributed to a housing bubble that is now bursting.