Tuesday
Aug252009
Obama Renominates Bernanke
By Justin Duckham-Talk Radio News Service
President Barack Obama interrupted his vacation in Martha’s Vineyard Tuesday to nominate Ben Bernanke to a second term as Federal Reserve Chairman.
Bernanke, who was initially appointed to the position by President Bush in 2006, was credited by Obama with preventing additional damage to the troubled U.S. economy.
“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 freefall,” Obama said. “Almost none of the decisions that he or any of us made have been easy.”
The President went on to promise an overhaul of the financial regulatory system, describing it as a necessary step for economic recovery.
Bernanke will face a Senate confirmation hearing before embarking on his second term. Chairman of the Senate Banking Committee Chris Dodd released a statement Monday saying that although he believed Bernanke was the right choice, the Federal Reserve Chairman will nevertheless face a thorough review from the Committee. (6:18)
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President Barack Obama interrupted his vacation in Martha’s Vineyard Tuesday to nominate Ben Bernanke to a second term as Federal Reserve Chairman.
Bernanke, who was initially appointed to the position by President Bush in 2006, was credited by Obama with preventing additional damage to the troubled U.S. economy.
“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 freefall,” Obama said. “Almost none of the decisions that he or any of us made have been easy.”
The President went on to promise an overhaul of the financial regulatory system, describing it as a necessary step for economic recovery.
Bernanke will face a Senate confirmation hearing before embarking on his second term. Chairman of the Senate Banking Committee Chris Dodd released a statement Monday saying that although he believed Bernanke was the right choice, the Federal Reserve Chairman will nevertheless face a thorough review from the Committee. (6:18)
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Federal Reserve Chairman Bernanke Testifies for the House Budget Committee
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