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Bernanke expected to be re-nominated for second Fed term

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by Kay Mitchell
Bernanke expected to be re-nominated for second Fed term

US President Barack Obama is expected to take a break from his summer vacation to announce that Ben Bernanke will be nominated for a second four-year term as Chairman of the US central bank – the Federal Reserve.

If his appointment is confirmed, Mr Bernanke will commence his term when his current tenure ends in January.

However, his re-appointment must be confirmed by the Senate.

Bernanke has been credited with taking aggressive action to rescue failing banks during the financial maelstrom, which the US President believes has limited the effects of the economic crisis.

In an announcement, Mr Obama is expected to say “Mr Bernanke had helped prevent a repeat of the Great Depression.”

The president is expected to say: “Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall.”

Mr Bernanke became chairman of the Federal Reserve in 2005 and was appointed by George W Bush.

He gained a bachelor’s degree in economics from Harvard University in 1975 and a doctorate four years later from the Massachusetts Institute of Technology.

He joined Princeton in 1985, where he was chairman of the economics department during the late 1990s.

Last week, Mr Bernanke’s upbeat comments about the global economy sent shares higher across the world.

Speaking at the annual central bankers’ retreat in Jackson Hole, Wyoming, Mr Bernanke said the prospects for economic recovery “appear good”.

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News posted: August 25, 2009

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