Baucus to Support Bernanke
Late last week, it seemed as if the tide of Democratic support was shifting away from Ben Bernanke’s bid to serve a second term atop the Federal Reserve. Just a few days later, he’s not looking so bad.
Over the weekend, Bernanke won the endorsement of Sens. Chris Dodd (D-Conn.), who chairs the Banking Committee, and Judd Gregg (N.H.), senior Republican on the Budget Committee. That was on top of Senate Majority Leader Harry Reid’s (D-Nev.) approval announced a few days earlier. And this morning, Sen. Max Baucus (D-Mont.), who heads the Finance Committee, added his name to the list of supporters, arguing that, faced with the greatest economic turmoil in generations, Bernanke’s decision-making “brought us back from the brink of economic disaster.”
I have full faith he will continue to use his post as Chairman of the Federal Reserve to create jobs, help middle class families and continue to get our economy back on track. These past two years have revealed flaws in our regulatory system that must be addressed with strong and comprehensive regulatory reform. It is clear that we face many serious challenges moving forward which is why I will vote to confirm Chairman Bernanke for another term.
Bernanke’s term expires at the end of the month.