President Barack Obama nominated Ben Bernanke for another term at the helm of the Federal Reserve, hailing the central bank chief’s “calm and wisdom” in the face of the economic meltdown and ending the guessing game over who will lead the Fed as it begins to unwind emergency measures taken to confront the crisis.
Obama, who formally announced his decision Tuesday in Oak Bluffs, Mass., where he is vacationing with his family, vowed to maintain a “strong and independent” central bank and warned that the U.S. economy is still a “long way away” from having a healthy financial system and full economic recovery.
“That is why we need Ben to continue the work he’s doing, and that is why I’ve said that we cannot go back to an economy based on overleveraged banks, inflated profits and maxed-out credit cards,” Obama said.
Bernanke thanked Obama for his “unwavering support” of an independent Fed and vowed to work hard to restore the economy.
“Mr. President, I commit today to you and to the American people that, if confirmed by the Senate, I will work to the utmost of my abilities . . . to help provide a solid foundation for growth and prosperity in an environment of price stability,” Bernanke said.
Neither Obama nor Bernanke took questions.
Bernanke, a Republican, was appointed as Fed chairman by President George W. Bush after a stint as chairman of the Council of Economic Advisers.
Senate Banking Committee Chairman Christopher Dodd, D-Conn., a critic of Bernanke’s, said his reappointment is “probably the right choice.”
