Bernanke Wins Senate Confirmation in 70-30 Vote
January 28, 2010
(ChattahBox)–On Thursday afternoon, the beleaguered Ben Bernanke obtained senate confirmation for a second term as the chairman of the Federal Reserve. Over the past weeks, his nomination was in doubt, as lawmakers from both sides of the aisle expressed withering criticism of his handling of the markets in the days and months leading up to the near economic collapse. Although Bernanke was recognized for his outstanding response to the financial crisis, by engineering financial bailouts and providing liquidity, he was also faulted for his slow response leading up to the crisis.
Senator Richard Shelby, the top Republican on the Senate Banking Committee said, “Bernanke fiddled while our markets burned.”
And Democratic Senator Sheldon Whitehouse wants the Federal Reserve Chairman to use the power of his position to ease the burdens on middle class families. “The Fed has enormous powers that could be used to help people,” he said.
Ultimately though, the upper chamber confirmed his appointment to a second four-year term in a 70-30 vote.
See The Washington Post for more.