The Senate Banking Committee has approved the nomination of Ben Bernanke to continue as chairman of the board of governors of the Federal Reserve System by a vote of 16 to 7.
President Obama announced Bernanke's reappointment on August 25th. The nomination will now be sent to the full Senate for consideration.
‘As I have said, I will vote to pass that nomination out of this committee and to the full Senate," Sen. Chris Dodd (D-CT), chairman of the committee, said in a statement. "Some of the criticisms of the Fed under Chairman Bernanke that have been voiced during this confirmation process have merit."
The Fed failed in its oversight and consumer protection responsibilities, Dodd specified.
"However, I believe that Chairman Bernanke must also receive credit for the critical role he played in the events of last fall," the committee chairman continued. "And while the judgment of many is still out on that, I happen to believe that had he and others not acted at a time of critical importance to our country, we would be looking at a far more dire situation than is the case."
SOURCE: Senate Banking Committee