Panel OKs Bernanke Nomination For Second Term


Panel OKs Bernanke nomination for second termDespite much criticism from across party lines, the Senate Banking Committee voted on Thursday to recommend Ben Bernanke’s nomination for the second term as chairman of the Federal Reserve.

The panel’s chairman, Senator Christopher Dodd (D-Conn.), said Bernanke’s "wise leadership" means that "better days do lie ahead," but many others expressed their criticism of his handling of last year’s financial crisis.

Among the most vocal opponents of the Fed chairman has been the National Inflation Association, which has criticized the central bank for keeping interest rates low and increasing the risk of hyperinflation in the future.

The NIA has been particularly outraged now that Time magazine named Bernanke Person of the Year 2009, and responded with its own distinction, designating him Villain of the Year 2009.

"The U.S. economy is riding high on its last dose of stimulus before the entire financial system overdoses and collapses," NIA says, adding that "Bernanke has pushed the inevitable recession down the road while setting up the upcoming currency crisis."

The full Senate vote is set to take place in January. However, because Senator Bernie Sanders (I-Vt.) announced he will block Bernanke’s nomination from reaching the floor for a vote by placing it on hold, it will require a super-majority of 60 votes for him to win the confirmation.

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