On the recordJanuary 28, 2010
I rise to speak in opposition to the nomination of the Honorable Ben Bernanke to be Chairman of the Board of Governors of the Federal Reserve System. I am somewhat conflicted about Dr. Bernanke's nomination for a second term as Chairman of the Federal Reserve. Our Nation's economy is still reeling from a significant downturn, during which home values plummeted and foreclosures rapidly increased, wreaking havoc on our financial system. Markets tumbled, banks and businesses failed, and millions of jobs were lost. Ultimately, the American people have borne the brunt of this recession, watching jobs, homes, and life savings vanish, while seeing their hard-earned tax dollars bail out the bad actors that caused it. That being said, the financial crisis could have been worse. It could have turned into a depression. So far, we are not there. I believe some of what Dr. Bernanke did was good. He is an expert on the Great Depression. He unleashed an arsenal of financial tools to combat the recession, he tried to inject liquidity into the financial sector, and did much to try to keep our markets afloat. While I commend him for that, I am very concerned about some of the precedent that has been set in this crisis. I am especially troubled by the continuing expansion of TARP.
