Senate confirms Bernanke as Chairman of Federal Reserve

I / Washington January 29, 2010, 14:35 IST

The US Senate has voted to confirm Ben Bernanke as the Chairman of the Federal Reserve for the second four-year term.

"I am gratified by the Senate’s broad bipartisan vote to confirm Ben Bernanke for another term as Chairman of the Federal Reserve," President Barack Obama said in a statement soon thereafter.

The Senate yesterday voted Bernanke for the second term by 70 to 30 votes. In the last couple of weeks his confirmation had become uncertain as several Senators had raised questions on his ability to steer the US economy through the crisis.

"As the nation continues to face the consequences of the worst recession in a generation, Ben Bernanke has provided wisdom and steady leadership in the midst of the financial and economic crisis," Obama said.

"While the worst of the storm has passed, its devastation remains and we have a lot of work to do to rebuild our economy," he said.

Senator Mark Begich who voted against, said the federal government, especially those responsible for regulating Wall Street, needs a wake-up call that they must do more to help everyday Americans and keep our economic recovery on track.

"I think he’s (Bernanke) been a steady hand at the tiller. And the last thing the American economy needs is a change in Federal Reserve leadership which could create tremendous disruption and uncertainty throughout our financial system," Senator Lindsey Graham said.