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Dodd Backs Bernanke « The Washington Independent

Here’s part of today’s statement from Senate Banking Chairman Christopher Dodd (D-Conn.), announcing his support for a second term for Federal Reserve Chairman Ben Bernanke.

I intend to vote to support your nomination in this Committee and on the floor of the United States Senate, because I believe that you are the right leader for this moment in our nation’s economic history and I believe your reappointment sends the right signal to the markets.

Bernanke has been under fire for his insistence that the Fed’s bailout spending remain unknown even to Congress, leading Sen. Bernie Sanders (I-Vt.) yesterday to place a hold on his nomination for a second term.

The rest of Dodd’s statement after the jump.

While I congratulate you for these efforts, I remain very concerned about the weaknesses in the overall financial regulatory system that allowed the financial collapse to occur in the first place.

You and I agree that the Federal Reserve should be strong, and very independent, and able to perform its core functions… I worry that over the years loading up the Federal Reserve with too many piecemeal responsibilities has left important duties without proper attention and exposed the Fed to dangerous politicization that threatens the very independence of this institution.

It has been proposed that the Fed assume yet another role in controlling threats to overall financial stability. But I fear these additional responsibilities would further distract from the Fed’s core mission and leave it open to dangerous politicization, undermining its critical independence.

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