Durbin Says He Will Vote for Bernanke
Support for Ben Bernanke’s nomination to a second term as head of the Federal Reserve picked up Saturday when Majority Whip Dick Durbin (D-Ill.) announced he would vote in favor of the nominee.
Durbin’s announcement came after Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) and Sen. Judd Gregg (R-N.H) announced their support for Bernanke and predicted the Senate will ultimately confirm him, despite recent criticism from liberals.
“I saw Ben Bernanke under fire, facing our nation’s most serious economic crisis since the Great Depression,” Durbin said in a statement. “We need his steady hand as we build our economy and create new jobs across America.—
Durbin added: “I will continue to demand that the Federal Reserve make a commitment to transparency and accountability in its policies. And I will make it clear that if the Federal Reserve refuses to exercise its authority to demand bank reform and protect America’s consumers, I will join with members of Congress to push for new laws that achieve those goals.—
Majority Leader Harry Reid (D-Nev.), who announced he will vote in favor of Bernanke, will likely have to file a procedural motion this week to break a series of holds on the nomination. Appointed by President George W. Bush in 2005 and renominated by President Barack Obama last year, Bernanke’s current term as Fed chief expires Jan. 31.