Federal Reserve Chairman Ben Bernanke
/ AP photo
WASHINGTON (AP) — The Senate has confirmed Ben Bernanke for a second term as chairman of the Federal Reserve. The Senate voted 70-30 on Thursday to reappoint Bernanke amid criticism of his judgment ahead of the financial crisis and his support for massive Wall Street bailouts. His supporters credited him for engineering a financial industry rescue in time to prevent a catastrophic collapse.
The vote was the closest ever for a nominee for Fed chairman. It came amid roiling public anger over the economy and stubbornly high unemployment that fueled a populist backlash against Bernanke. No Fed chairman has been rejected in the Senate.
Bernanke's current term expires Sunday.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) — Ben Bernanke has cleared a crucial hurdle in the Senate that assures his confirmation to a second term as chairman of the U.S. Federal Reserve.
The Senate voted Thursday to overcome a delaying tactic that would have doomed his nomination. The Senate will now move to a final confirmation vote.
Bernanke came under withering bipartisan criticism from lawmakers who blame him for not spotting the simmering U.S. financial crisis and for massive Wall Street bailouts. Bernanke became a lightning rod for critics of bonuses paid to bank executives even as unemployment climbed into double digits.
His supporters argue that Bernanke came to the financial industry's rescue in time to prevent a catastrophic collapse
Copyright 2010 The Associated Press.
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