Friday, January 29, 2010

Cloture Vote: Ben Bernanke Re-elected

Ben Bernanke was re-elected as the Chairman of Federal Reserve by Senate today. Bernanke was voted 70 to 30. But, before the Senate re-elected Bernanke today, a cloture vote had to be held first. Ben Bernanke is an American economist, and the current Chairman of the United States Federal Reserve. Bernanke, a Republican who was appointed by President George W. Bush in October 2005 and who had briefly served as chairman of President Bush’s Council of Economic Advisers,[3] succeeded Alan Greenspan on February 1, 2006. He was nominated and confirmed for a second term as the Chairman of theFederal Reserve by President Barack Obama in 2009 despite opposition from some Senators. In 2009, he was declared the TIME magazine person of the year.

Bernanke was sworn in on February 1, 2006, as Chairman and a member of the Board of Governors of the Federal Reserve System. He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He was appointed as a member of the Board to a full 14-year term, which expires January 31, 2020, and to a four-year term as Chairman, which expires January 31, 2010.

On August 25, 2009, President Obama announced that he would nominate Ben Bernanke to a second term as chairman of the Federal Reserve. In a short statement in Martha's Vineyard, with Bernanke standing at his side, Obama said Bernanke's background, temperament, courage and creativity helped to prevent another Great Depression in 2008. "Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and out-of-the-box thinking that has helped put the brakes on our economic free fall", the President said.

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