Obama re-appoints Bernanke

Fed Chairman to serve another term

President Obama is re-appointing Federal Reserve Chairman Ben Bernanke for another term in office. Bernanke is a Republican who was appointed by George W. Bush to replace Alan Greenspan, and like Greenspan, he will have the distinction of being appointed to his post by both Republican and Democratic presidents. Obama considered picking a Democrat to replace Bernanke, but ultimately decided on continuity; his reasons for the re-appointment are that, according to White House Chief of Staff Rahm Emanuel, he “has essentially been pulling the economy back from the brink of what would have been the second Great Depression.” Bernanke is the second major Bush appointee that Obama has chosen to keep on; the first was Secretary of Defense Robert Gates. Bernanke is likely to win Senate confirmation for another term. However, some Senators may question him harshly about his role in helping both Bush and Obama throw huge amounts of money at the financial institutions that helped cause the recession in the first place.

The New York Times