Updated: 8:23 p.m.Sen. Bernie Sanders (I-Vt.) has placed a hold on the nomination of Ben Bernanke to serve as chairman of the Federal Reserve. Bernanke, who has been criticized for his oversight of bank regulations and the housing foreclosure crisis, is scheduled to appear before the Banking, Housing and Urban Affairs Committee on Thursday for a confirmation hearing. Sanders is not a member of that panel. Appointed in 2005 by President George W. Bush to serve as chief of the Fed, Bernanke’s term expires on Jan. 31, 2010. President Barack Obama nominated Bernanke to a second term over the summer.”What the American people did not bargain for was another four years for one of the key architects of the Bush economy,” Sanders said in a statement.