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."