Published on Thu, Dec 17, 2009 at 10:02 | Source : Reuters
Updated at Thu, Dec 17, 2009 at 15:53
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Democratic senator on panel opposes Bernanke
A Democrat on the U.S. Senate Banking Committee said on Wednesday he will vote against confirming Federal Reserve Chairman Ben Bernanke for a second term, citing the Fed's failure to anticipate a devastating financial crisis.
A Democrat on the US Senate Banking Committee said on Wednesday he will vote against confirming Federal Reserve Chairman Ben Bernanke for a second term, citing the Fed's failure to anticipate a devastating financial crisis.
Oregon Senator Jeff Merkley told Reuters he will vote against Bernanke, who was nominated for another four-year term by President Barack Obama in August. Merkley is one of 13 Democrats on the 23-member panel.
"Chair Bernanke was, in his role as chair, and his former role in the (Fed) Board of Governors, his former role in the chair of the (White House) Council of Economic Advisers, front and center through a whole list of mistakes that led to this difficult and dark recession," Merkley said.
Bernanke was named to the Fed Board in 2002 by former President George W. Bush and served as CEA chair under Bush before taking the helm at the central bank in February 2006.
Merkley's opposition to a nominee of a president of his own party who is also supported by committee Chairman Christopher Dodd signals the extent of popular resentment against Bernanke and the Fed. Several Republicans on the committee have indicated opposition to Bernanke, and Independent Senator Bernie Sanders, who votes with the Democrats, is seeking to block the confirmation.
The committee is due to vote on Bernanke's confirmation on Thursday, while the Senate is not expected to vote until after the holiday recess.
The Oregon lawmaker said he would oppose Bernanke's confirmation both in the panel and on the Senate floor.
