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Panel Backs Bernanke for Second Term
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| Parent(s) |
Race
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| Contributor | Scott³ |
| Last Edited | Scott³ Dec 17, 2009 08:32pm |
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| Category | News |
| Author | BRIAN KNOWLTON and JAVIER C. HERNANDEZ |
| Media | Newspaper - New York Times |
| News Date | Friday, December 18, 2009 02:30:00 AM UTC0:0 |
| Description | "The Senate Banking Committee voted Thursday to approve the nomination of Ben S. Bernanke for a second four-year term as chairman of the Federal Reserve.
The 16-to-7 vote, which came after flashes of populist anger erupted amid a sluggish and uneven economic recovery, was not unexpected.
President Obama has said the nomination would provide crucial continuity as the country works through its gravest economic challenges in decades.
But it represented a retreat from Mr. Bernanke’s near-unanimous approval by the committee four years ago. Neither party’s members voted as a bloc, and even some of Mr. Bernanke’s supporters said they harbored reservations and might reconsider when the vote went to the Senate.
Even as Mr. Bernanke is widely credited for helping stabilize markets and averting economic calamity, outspoken critics, not all of them Republicans, have blamed him for enormously costly initiatives that have bolstered some Wall Street financial firms while leaving ordinary Americans staring at persistent double-digit jobless rates.
Mr. Bernanke, 56, has also been criticized for not doing more to prevent the financial crisis. He was originally named by President Bush in 2005 to succeed Alan Greenspan as the Fed chairman." |
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