After heading up the Fed during the nation’s biggest economic catastrophe in decades, Federal Reserve Chairman Ben S. Bernanke will be nominated to continue his role for a second term, according to another top Obama adviser, David Axelrod. —KA
Obama will make the announcement tomorrow [Tuesday] on Martha’s Vineyard, Massachusetts, where he is vacationing with his family, and Bernanke is expected to join him, Axelrod said. The nomination requires Senate approval. Bernanke’s four-year term as chairman expires Jan. 31.
“The president believes that Bernanke has provided extraordinary leadership during the most difficult financial crisis we’ve faced since the Great Depression,” Axelrod said. “As we build our economy that leadership is still needed.”