President Obama has nominated Ben Bernanke for a second term as Federal Reserve chairman, saying Bernanke “led the Fed through the one of the worst financial crises that this nation and this world have ever faced,” the AP reports. “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 freefall,” Obama said.
“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,” said the president, breaking from his vacation to make the announcement. After winning wide praise for his aggressive action after last year’s financial meltdown, Bernanke now must shepherd a recovery key to Obama’s legacy, the AP notes. The president’s decision requires Senate confirmation.