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Bernanke: the easy choice?

Business Times - 27 Aug 2009


Bernanke: the easy choice?

By LEON HADAR
WASHINGTON CORRESPONDENT

PRESIDENT Barack Obama ended speculation that he might appoint a new head of the United States central bank when he announced that he would be nominating Federal Reserve Board chairman Ben Bernanke for a second term.

Mr Bernanke, whose first term will expire next Jan 31, is a Republican who was first nominated by former President George W Bush in 2005 to replace Alan Greenspan. While Mr Bernanke will still have to be confirmed by the Senate for a second term, it is a done deal and he is expected to sail through the process on Capitol Hill.

In fact, Senator Christopher Dodd, the Senate Banking Committee chairman, has already released a statement saying, despite serious differences he had with the Fed chairman in the past, Mr Bernanke was the 'right person' for this job right now.

Mr Bernanke has become a convenient target for the Republican and Democratic lawmakers who have been exploi…