- ‘Welcome to the edge of freedom’: Biden’s boots touch down in DMZ
- Obama: Hole U.S. ‘digging out of’ requires billions more in unemployment benefits
- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
- Bill O’Reilly reminds: Nelson Mandela ‘was a communist’
Senate panel OKs Bernanke nomination
A Senate panel on Thursday endorsed Federal Reserve Chairman Ben S. Bernanke for a second four-year term, setting up a final vote in the full Senate, which is expected to confirm his renomination in the coming weeks.
The Senate Banking Committee voted 16-7 to send Mr. Bernanke’s nomination to the full Senate. Six Republicans and one Democrat voted against the chairman’s renomination.
The panel’s chairman, Sen. Christopher J. Dodd, Connecticut Democrat, said Mr. Bernanke’s “wise leadership” was needed to help guide the economy back to health.
But Sen. Jeff Merkley of Oregon, the lone Democratic dissenter, said Mr. Bernanke failed to take the precautionary steps that could have averted or mitigated last year’s near collapse of the nation’s financial system.
“For too many years, federal regulators turned a blind eye to signs of an impending financial crisis,” Mr. Merkley said. “We need economic leaders who understand that the ultimate goal of economic policies and the key to meaningful economic recovery should be financially successful families, not oversized Wall Street profits.”
The Fed chairman’s loudest critic on the panel, Sen. Jim Bunning, Kentucky Republican, said Mr. Bernanke was too beholden to “his fat-cat buddies on Wall Street.”
“While I do believe Ben Bernanke is a very good human being, he doesn’t have a clue what he is doing as chairman of the Federal Reserve,” Mr. Bunning said.
Mr. Bunning has said he would seek to stop the Senate from confirming Mr. Bernanke through a “hold” procedure. The 100-member Senate would need 60 votes — not the usual 50 — to override the block and move forward with a final vote on the nomination.
Another Bernanke critic, Sen. Bernard Sanders, a Vermont independent who isn’t a member of the banking panel, also said he will place a hold on the chairman’s renomination.
Although the maneuver is not expected to derail Mr. Bernanke’s confirmation, it could slow down the process.
Mr. Bernanke’s term expires early next year.
About the Author
Sean Lengell covers Congress and national politics and can be reached at email@example.com.
- GOP tests Democrats on college loan issue
- Lawmakers outside intelligence loop get miffed about briefing structure in Congress
- John Boehner: Time is right to bring latest farm bill to House floor
- Supreme Court nears rulings on key voting rights cases
- John Boehner demands answers on NSA, phone records
Latest Blog Entries
- Obama: Hole U.S. 'digging out of' requires billions more in unemployment benefits
- Bill OReilly reminds: Nelson Mandela was a communist
- Spike in battlefield deaths linked to restrictive rules of engagement
- 'Hunger Games' delivers Obama's message on income inequality
- Obama tries to calm Israeli fears over Iranian nuke deal 'not based on trust'
- Obama administration issues permits for wind farms to kill more eagles
- U.S. debt jumps a record $328 billion tops $17 trillion for first time
- Rush Limbaugh: Obama trying to make Mandela death about himself
- NAPOLITANO: Pope Francis should be saving souls, not pocketbooks
- Inside China: Nuclear submarines capable of widespread attack on U.S.
Independent voices from the The Washington Times Communities
Get in the middle of all the action inside and outside the boxing ring.
Opinion, analysis, and musings on politics, pop culture, reinvention, and the resultant flotsam and jetsam floating around the right-of-center quadrant of the Left Coast.
The cold hard truth about politics in America today and the state of this once great nation.
Find the latest news and happening that effect those in the Washington D.C., Northern Virginia and Maryland Metro region.
White House pets gone wild!