Bernanke Wins Senate Panel's Support
It’s been a good week for Federal Reserve Chairman Ben Bernanke. First came the news that he’d been chosen to be Time magazine’s Person of the Year, and then, on Thursday, the Senate Banking Committee voted to approve his nomination to lead the Fed for another four years. –KA
The New York Times:
The 16-to-7 vote, which came after flashes of populist anger erupted amid a sluggish and uneven economic recovery, was not unexpected.
President Obama has said the nomination would provide crucial continuity as the country works through its gravest economic challenges in decades.
But it represented a retreat from Mr. Bernanke’s near-unanimous approval by the committee four years ago. Neither party’s members voted as a bloc, and even some of Mr. Bernanke’s supporters said they harbored reservations and might reconsider when the vote went to the Senate.