Support for Federal Reserve Chairman Ben Bernanke's confirmation for a second four-year term mounted Monday as the White House appeared to stanch opposition that had roiled the financial markets. Senate Majority Leader Harry Reid, D-Nev., expects a vote by the end of the week, his spokesman said Monday. And David Axelrod, a top adviser to President Barack Obama, said Bernanke has the votes to keep his job. Sen. Joseph Lieberman, a Connecticut independent, joined Democratic Sens. Max Baucus of Montana, chairman of the Senate Finance Committee, and Dianne Feinstein of California in announcing support for Bernanke's reappointment. Sen. John McCain, R-Ariz., who had indicated he was leaning against Bernanke, formally announced his opposition to the Fed chairman on Monday.
But the momentum was moving in Bernanke's favor.
"To blame one man for the financial implosion is simply wrong," Feinstein said. "Ben Bernanke has been helpful to the recovery and, for reasons of stability and continuity, should be reconfirmed."
Also Monday, the liberal MoveOn.org activist group urged senators in an e-mail to vote against Bernanke.
His defeat would rattle Wall Street and financial markets around the world and add new risks to the fledgling recovery. Economists fear that prolonged political wrangling over a successor could increase the odds the economy will falter and dip back down into recession.
