President Obama interupted his August vacation on Martha’s Vineyard to nominate Ben S. Bernanke to a second term as chairman of the U.S. Federal Reserve Bank, according to a report by Bloomberg.
Bernanke “has led the Fed through one of the worst financial crises that this nation and the world have ever faced,” Obama said during a press conference on the Vineyard along with Bernanke. “As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another, but because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve.”
Bernanke’s nomination for a second four-year term starting January 31 requires Senate approval and was endorsed by Christopher Dodd, the head of the Banking Committee. The Fed chief will still face tough questioning from lawmakers who say he was slow to recognize the severity of the financial crisis.
Obama decided to reappoint Bernanke because he wanted to keep together the team that had weathered the crisis, an administration official said. The official said Treasury Secretary Timothy Geithner, Chief of Staff Rahm Emanuel and National Economic Council Chairman Larry Summers all recommended Bernanke be reappointed.