Bernanke Nominated For Second Term

Posted by Orb Staff on August 25, 2009 No Comments
Categories : Residential Mortgage

President Obama will nominate Ben Bernanke for a second term as Federal Reserve chair, according to media reports.

In prepared remarks delivered this morning, Obama credited Bernanke – a student of the Great Depression – for preventing another financial meltdown of the same scale.

Bernanke has 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 said.

Bernanke became Fed chair in February 2006; his renomination requires Senate confirmation.

Sen. Chris Dodd, D-Conn. and head of the Senate Banking Committee, said in a statement Monday that although he has had "serious differences" with the Fed in the past few years, reappointing Bernanke is "probably the right choice."

SOURCE: Bloomberg News, NPR

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