Ben Bernanke nominated for further four-year term

| August 25, 2009 | 0 Comments
Ben Bernanke nominated for further four-year term

US President Barack Obama has confirmed that Ben Bernanke has been nominated for a second term as chairman of the US central bank - the Federal Reserve.

Mr Obama took a break from his summer vacation to make the announcement and said “Mr Bernanke had helped prevent a repeat of the Great Depression.”

“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,” said the US President.

“Our auto industry is showing signs of life. Business investment is showing signs of stabilising. Our housing market and credit markets have been saved from collapse.”

“Taken together, all of these steps have brought our economy back from the brink. They are steps that are working,” added the President.

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

Mr Bernanke will commence his second four-year term when his current tenure ends in January. Many believe he is the best choice to lead the US into a sustainable recovery.

Last week, 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”.

Mr Bernanke 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.

Commenting on his re-appointment, Mr Bernanke thanked the president for both the nomination and his unwavering support.

He also paid tribute to his colleagues in the Federal Reserve and thanked his wife and children for their support during his tenure in a particularly difficult time for the US and world economy.

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