Tags: dodd | gregg | Bernanke | second | term

Dodd, Gregg: Bernanke Will Win Second Term

Saturday, 23 Jan 2010 03:58 PM

Two key senators predicted Saturday that embattled Federal Reserve Chairman Ben Bernanke will be confirmed for a second term.

Senate Banking Committee Chairman Chris Dodd, D-Conn., and former Senate Budget Committee Chairman Judd Gregg, R-N.H., said in a statement Saturday that Bernanke is the right person to help guide the economy back from the worst recession since the 1930s.

Bernanke's term expires Jan. 31. A Senate vote hasn't been set on whether to OK a second four-year term.

Already four Senate Democrats have said they would vote against the Fed chairman.

Bernanke has become the focus of increased criticism since Republican Scott Brown won a Senate seat in an upset election in Massachusetts this past week.

Dodd and Gregg — neither seeking re-election in November — said that "based on our discussions with our colleagues, we are very confident" that Bernanke will win confirmation by the Senate for another term.

"Bernanke has done an excellent job responding to one of the most significant financial crises our country has ever encountered," the two senators said. "We support his nomination because he is the right leader to guide the Federal Reserve in this recovering economy."

The Fed chief's supporters need 60 votes to prevent opponents from blocking confirmation. Sen. Bernie Sanders, an independent liberal from Vermont, and Republican senators Jim Bunning of Kentucky, Jim DeMint of South Carolina and David Vitter of Louisiana are spearheading a campaign to block Bernanke's confirmation.

Bernanke is widely credited with helping to prevent the Great Recession from turning into a second Great Depression. But his support of Wall Street bailouts has angered Americans who are struggling with double-digit unemployment and soaring home foreclosures.

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