Bernanke Gets Second Term

Senate confirms him to remain in his post as Fed chairman
By Newser Editors and Wire Services
Posted Jan 28, 2010 3:20 PM CST
Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill last month.   (AP Photo/Jose Luis Magana, File)

(Newser) – Ben Bernanke will keep his job as chairman of the Federal Reserve. The Senate today agreed to let him serve a second term by a vote of 70-30, the closest ever margin for a Fed chief nominee. The vote came amid roiling public anger over the economy and stubbornly high unemployment that fueled a populist backlash against Bernanke.

He came under withering bipartisan criticism from lawmakers who blame him for not spotting the simmering financial crisis and for massive Wall Street bailouts. He "fiddled while our markets burned," said GOP Sen. Richard Shelby. But supporters say he prevented catastrophe. "He has kept a steady hand on the tiller in a perfect economic storm," said Democrat Robert Menendez.

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