Bernanke Likely to Be Confirmed for Second Term
Despite opposition from some Senate Democrats, it looks likely that Ben Bernanke will be reappointed to the Federal Reserve for a second term. While as of last week his future was uncertain, sentiment appears to have shifted in his favor.
Both sides of the aisle have been critical of Bernanke following the financial crisis. Many believe he should have had the foresight necessary to prevent—or at least mitigate—the collapse. He has been further criticized for his handling of the bailouts, which offered billions of taxpayer dollars to struggling financial institutions with few regulations.
Over the weekend, however, Senate Majority Leader Harry Reid seemed to change his tune regarding Bernanke, coming out in support of the reappointment and working to win over the rest of the Democrats in Bernanke's favor.
Around the same time, Senators Chris Dodd (D-CT) and Judd Gregg (R-NH) issued a joint statement acknowledging that Bernanke was likely to be confirmed, commending him for an "excellent job responding to one of the most significant financial crises our country has ever encountered."
Though some prominent Senate Republicans—including John McCain (R-AZ)—are reluctant to make the reappointment, Republican Leader Mitch McConnell has said that Bernanke has "bipartisan support" and the Republicans will not filibuster the confirmation.