Ben Bernanke Set for Second Term

President Obama's remarks were "Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall. Almost none of the decisions he or any of us made have been easy." Ben Bernanke was at Obama's side during the announcement.

Note, this would be a nomination. Ben Bernanke would still have to be approved by the Senate. His term ends on Jan. 31. Fed chairmen serve four-year terms.

Over the past three decades, the country has had only three Fed chairmen. Fed chairman, regardless of "party," are usually kept for continuity reasons.

Paul Volcker was appointed by President Carter in 1979 and retained by President Reagan. Alan Greenspan, a 1987 Reagan appointee, served under four presidents including President Clinton and President Bush.

Bernanke, 55, was appointed to the job in 2006 by President George W. Bush, after serving as Bush's chair of the Council of Economic Advisers.