On the recordJanuary 28, 2010
I rise today to speak in support of the reconfirmation of Ben Bernanke as Chairman of the Federal Reserve. Mr. Bernanke has been a steady hand at the Federal Reserve during the worst financial crisis since the Great Depression. Mr. Bernanke knows something about that: his scholarly work as an economics professor at Princeton University focused on the Great Depression. At a time when our economy is climbing out of a deep recession, I believe Mr. Bernanke's continued leadership will provide the stability that is essential to economic recovery. Some blame Mr. Bernanke for the financial crisis and its severity. They believe President Obama must set an example and break with the past by replacing him. I do not agree. It would be a big mistake, in my view, to jettison a man whose expertise and experience have been crucial to rescuing our economy, and I believe President Obama made the right decision to keep Mr. Bernanke at the Fed. In my opinion, he should be reconfirmed without delay, because his term expires in 3 days. Failure to do so would send the wrong message to both the American people and global financial markets, at a time of continued economic uncertainty. It could roll back some significant progress in restoring market confidence.
