Facing frustrated voters, more senators oppose Bernanke
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Federal Reserve Board Chairman Ben Bernanke's prospects for a second term became shakier Friday as two Senate Democrats, furious at his stewardship during the nation's economic crisis, said they'd oppose him.
The White House offered fresh support on Friday, but Bernanke's performance since becoming chairman in early 2006 has become a rallying point for some lawmakers being bombarded by constituents frustrated about the economy's sluggish pace of recovery.
The Senate had been expected to act on the nomination this week, but there was no vote, and Senate Majority Leader Harry Reid, D-Nev., was circumspect after meeting with Bernanke on Thursday.
"The American people expect our economic leaders to keep Wall Street honest and level the playing field for middle class families," Reid said. "As the Senate prepares to take up Chairman Bernanke's nomination, I look forward to hearing more from him about how he intends to address these issues"
On Friday, Sen. Barbara Boxer, D-Calif., said she'd oppose a second term for Bernanke.
"It is time for a change," she said. "It is time for Main Street to have a champion at the Fed.
"Dr. Bernanke played a lead role in crafting the Bush administration's economic policies, which led to the current economic crisis. Our next Federal Reserve Chairman must represent a clean break from the failed policies of the past."
Also coming out against Bernanke Friday was Sen. Russ Feingold, D-Wis.
"Under the watch of Ben Bernanke, the Federal Reserve permitted grossly irresponsible financial activities that led to the worst financial crisis since the Great Depression," he said.
The possibility that Bernanke might not be confirmed — he previously was thought to be a shoo-in — came as unease spread among the nation's bankers and investors over Obama's announcement Thursday that the administration would seek to limit the kinds of investments the nation's largest banks could make. For a second day, the Dow Jones Industrial Average lost more than 200 points, dropping nearly 217 points, to end the day 10,172.98. The Dow dropped 213 points on Thursday.
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The White House offered fresh support on Friday, but Bernanke's performance since becoming chairman in early 2006 has become a rallying point for some lawmakers being bombarded by constituents frustrated about the economy's sluggish pace of recovery.
The Senate had been expected to act on the nomination this week, but there was no vote, and Senate Majority Leader Harry Reid, D-Nev., was circumspect after meeting with Bernanke on Thursday.
"The American people expect our economic leaders to keep Wall Street honest and level the playing field for middle class families," Reid said. "As the Senate prepares to take up Chairman Bernanke's nomination, I look forward to hearing more from him about how he intends to address these issues"
On Friday, Sen. Barbara Boxer, D-Calif., said she'd oppose a second term for Bernanke.
"It is time for a change," she said. "It is time for Main Street to have a champion at the Fed.
"Dr. Bernanke played a lead role in crafting the Bush administration's economic policies, which led to the current economic crisis. Our next Federal Reserve Chairman must represent a clean break from the failed policies of the past."
Also coming out against Bernanke Friday was Sen. Russ Feingold, D-Wis.
"Under the watch of Ben Bernanke, the Federal Reserve permitted grossly irresponsible financial activities that led to the worst financial crisis since the Great Depression," he said.
The possibility that Bernanke might not be confirmed — he previously was thought to be a shoo-in — came as unease spread among the nation's bankers and investors over Obama's announcement Thursday that the administration would seek to limit the kinds of investments the nation's largest banks could make. For a second day, the Dow Jones Industrial Average lost more than 200 points, dropping nearly 217 points, to end the day 10,172.98. The Dow dropped 213 points on Thursday.
READ MORE AT LINK
