Political Quotes

“Mr. President, I will vote for President Obama's nomination of Benjamin Bernanke for a second term as Chairman of the Federal Reserve Board. Chairman Bernanke's nomination should be examined through the prism of how he performed during the recent financial crisis, and with full consideration of the best interests of the American people and their stake in the Nation's economic recovery. It is clear that prompt and decisive action by Federal officials like Dr. Bernanke saved the country from another Great Depression. Since the economic meltdown in the fall of 2008, the Federal government has committed its resources to quell the financial turmoil and stabilize the economy. The Federal Reserve, led by Chairman Bernanke, played a central role in these efforts. They cut interest rates early and aggressively, reducing the target for the Federal funds rate to nearly zero. They created targeted lending programs to restart the flow of credit in critical markets. They worked with other agencies--like the Treasury Department, the FDIC, and overseas central banks--to ensure that financial institutions worldwide had access to short-term funding. I supported these efforts to respond to the financial crisis to prevent the country from sliding into an economic depression, which was a very real possibility just a few months ago. Congress passed an economic rescue bill that staved off a full market retreat, and it enacted an economic recovery plan that is beginning to turn things around.…”