Washington, January 29: The US Senate, with a 70-30 vote, has approved Ben Bernanke as Federal Reserve Chairman for a second four-year term after the Senate Banking Committee confirmed his nomination.
Critics have excoriated his economic policies as the Federal Reserve chairman in the years leading up to the financial crisis.
The 70-to-30 vote on Thursday was the weakest endorsement ever extended to a chairman in the Fed’s 96-year history. The vote on his confirmation came at nearly the last possible moment as Bernanke’s current term expires on January 31.
Following confirmation, Treasury Secretary Timothy Geithner said, “The Senate did the right thing. Chairman Bernanke will continue to play a vitally important role in guiding the nation’s economy.”
Bernanke was first appointed by President George W. Bush and then re-nominated by President Barack Obama.
Bernanke has been criticized by Democrats, who say that he cares more about Wall Street than Main Street, and Republicans, who maintain that he favors improper government meddling in the economy.
However, his supporters credit him with the sweeping effort that has saved the global financial system from complete collapse.
Obama, who has called Bernanke an architect of the recovery after the recession, hailed the Senate’s action and praised Bernanke’s “wisdom and steady leadership.”
——-Agencies