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President Barack Obama Nominates Ben Bernanke for Second Term as Chairman of Fed Reserve
President Barack Obama has nominated Ben Bernanke for a second term as chairman of the Federal Reserve, crediting the economist with helping the nation avoid a second Great Depression.
Bernanke was instrumental in orchestrating the recent $700 billion bank bailout plan, an action Obama felt limited the downturn in the U.S. economy. Obama announced his nomination of Bernanke on Tuesday saying, “Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall.”
Obama continued, “Our auto industry is showing signs of life. Business investment is showing signs of stabilizing. Our housing market and credit markets have been saved from collapse. Taken together, all of these steps have brought our economy back from the brink. They are steps that are working.”
Bernanke became the 14th chairman of the Federal Reserve when he assumed the office in 2006 under former President George W. Bush and his tenure was due to end in January 2010. While Bernanke was nominated by Obama he will still need to be confirmed by the Senate, something many believe to be a mere formality.
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