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article imageBernanke Back for Round Two

By Michael Bearak     Jan 28, 2010 in Politics
Thursday saw the U.S. Senate approve Ben Bernanke for another term as Chairman of the Federal Reserve, just days after his confirmation seemed in doubt.
Ben Bernanke found himself under fire this week from both sides of the aisle and barely survived the closest vote in history for Fed Chairman position. Republicans, Independents and Democrats all voiced opposition in different areas, especially the housing market where Bernanke was at the Fed at the time the bubble burst. Senators drilled him on why he could not see this coming and did nothing to prevent it.
Sen Sheldon Whitehouse, D-R.I, whose state's unemployment is near 13 percent felt there was also anger expressed by some Senators about why bonuses were handed out at Goldman Sachs, and JP Morgan, but the Fed did little to nothing for the little guy.
The president and cabinet members all made calls to senators in the last few days to drum up support for the chairman. Still one Republican Senator told Fox News that, "there's blood in the water."
The fear amongst the White House and many Democrats was that changing the Federal Reserve chairman now in this fragile state of the economy would have sent shock waves through Wall Street.
Before a final vote was able to be cast the Senate to to break a filibuster, which they did with a 77-23 vote. The final confirmation vote came in though with some people shying away from Bernanke, but he was still confirmed by a vote of 70-30.
More about Ben bernanke, Chairman federal reserve, Housing regulations, Senate, Congress
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