- Just 21% Favor Bernanke's Reappointment As Fed Chairman
Ben Bernanke begins the formal process tomorrow for confirmation to a second term as chairman of the Federal Reserve Board, but 41% of Americans think President Obama should name someone new to the post.
A new Rasmussen Reports national telephone survey finds that only 21% of adults believe the president should reappoint Bernanke to another four-year term. But a sizable 39% aren’t sure what the president should do.
Senator moves to stall Bernanke's Fed confirmation
If the hold is not withdrawn, the move by Sanders, an independent from Vermont, means that Senate leaders will not be able to bring up the nomination for a vote by unanimous consent. Instead, they may need to garner 60 votes in order to consider the nomination.
In a statement, Sanders blasted Bernanke, whose current term expires on January 31, for doing too little to help ordinary Americans, while going too easy on big financial institutions.
"The American people want a new direction on Wall Street and at the Fed. They do not want as chairman someone who has been part of the problem and who has been responsible for many of the enormous difficulties that we are now experiencing," Sanders said. "It's time for him to go."
President Barack Obama nominated the former Princeton University economics professor to another term as central bank chief in August, praising his handling of the worst financial crisis since the 1930s.
Many lawmakers, however, are upset at the large-scale bailouts of financial firms the Fed helped engineer. Many also accuse the Fed of having failed to stem the risky lending practices that helped fuel the financial crisis.
Bernanke is set to testify to the Senate Banking Committee on Thursday. The panel would need to approve his nomination before sending it before the full Senate for a final confirming vote.
With the Senate tied up with health-care reform, it may be difficult to schedule any procedural votes on the nomination before year end.