Russ Feingold: “I have given substantial deference to executive branch nominations made by Presidents of both parties. That deference is…”

“I have given substantial deference to executive branch nominations made by Presidents of both parties. That deference is greatest when the nomination is for a position closest to the President, such as a position in the Cabinet, and at its lowest for positions with greater independence and distance from the President. The position to which Benjamin Bernanke has been nominated, namely to serve another term as Chair of the Federal Reserve Board of Governors, is among those for which appropriate deference is lower. The Federal Reserve is famously independent. A chief responsibility of the Chairman of the Federal Reserve is to ensure a sound financial system. Under the watch of Ben Bernanke, the Federal Reserve permitted grossly irresponsible financial activities that led to the worst financial crisis since the Great Depression. While Chairman Bernanke has certainly been instrumental in helping the financial system recover from that crisis, we should not forget his role in its creation.”