With each passing day of growing opposition in the Senate to Bernanke winning a second term, it seems that the Federal Reserve Chairman’s re-confirmation is increasingly in trouble. Some in congress blame the Fed – and Bernanke – for having failed to restrain the housing bubble and for not spotting problems that led to the financial crisis. Others say he has gone too far in supporting Wall Street bailouts.
But despite these oppositions and the fact Bernanke may get the fewest favorable votes on record as a result of several Democratic and Republican senators lining up recently to oppose his confirmation, President Obama seems to be standing firmly behind the Fed Chief.
According to AFP, deputy White House spokesman Bill Burton told reporters on Friday that “The president has a great deal of confidence in what chairman Bernanke did to bring our economy back from the brink.”
“The president thinks he is the right person for the job and believes he will be confirmed,” Burton said.
While many industry experts expect Bernanke to be re-confirmed, they also expect that the hearing, which has been pushed back until next week at the earliest, could turn into one of the more politically explosive confirmations the current administration has faced.