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Bernanke wins second term

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by Kay Mitchell

Fifty-six-year old Ben Bernanke has won a second term as chairman of US central bank, the Federal Reserve.

The US Senate confirmed the appointment after it voted 77-23 in favour of Bernanke, whose current term ends on Sunday.

At the time of his nomination last August, US President Barack Obama said: “Mr Bernanke had helped prevent a repeat of the Great Depression.”

Last weekend, Mr Obama was forced to put pressure on Senate leaders in order to provide the necessary support for Mr Bernanke.

Bernanke has been subject to criticism that his regulatory failures helped cause the financial crisis.

Commenting on the second four-year term, US Treasury Secretary Timothy Geithner said: “The Senate did the right thing. Chairman Bernanke will continue to play a vitally important role in guiding the nation’s economy.”

Mr Bernanke, who was appointed by President Geoerge W. Bush in October 2005, was named by Time Magazine as its 2009 Person of the Year.

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News posted: January 29, 2010

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