Bernanke wins second four-year term despite opposition

Cheryl Phillips's picture

Ben Bernanke, the chairman of the Federal Reserve, won a second four-year term Thursday despite recent criticism. The Senate voted 70-30 on Thursday to reappoint Bernanke who was recently named Time magazine's Person of the Year. Bernanke's current term expires Sunday.

Although no chairman of the Federal Reserve has ever been rejected in the Senate, there was speculation that this might be a close decision as to whether Bernanke would be confirmed for another term.

Bernanke has been credited with avoiding a financial catastrophe but he has also made some enemies. The public and lawmakers were outraged with his support of Wall Street bailouts, including the $182 billion rescue of insurance giant American International Group (AIG).

There are some Republicans, as well as Democrats, that blame Ben Bernanke for the disasterous economic situation.

"Our present economic problems are no accident," said Sen. Richard Shelby, R-Alabama. "Dr. Bernanke's Federal Reserve played a key role in setting the stage for the financial crisis we're in now."

There is mixed support for Bernanke, as evidenced by the close confirmation vote by the Senate on Thursday. Bernanke's position as Chairman of the Federal Reserve has not been an easy road. It is not likely to get easier.

Written by Cheryl Phillips

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