The U.S. Senate Banking Committee gave its approval of the nomination of Federal Reserve Board chairman Ben Bernanke to a second four-year term today. The debate among Senators prior to the vote was contentious, but in the end, 16 Senators supported Bernanke while seven members opposed the nomination.
Some Senators blame Bernanke and his predecessor, Alan Greenspan, for not identifying and taking action on the problems that led to the Great Recession.
Six of the seven Senators on the committee voting against Bernanke's renomination are Republicans, even though Bernanke was first nominated to be the Fed chair by former Republican President George W. Bush.
"I strongly disapprove of some of the past deeds of the Federal Reserve while Ben Bernanke was a member and its chairman, and I lack confidence in what little planning for the future he has articulated," said Sen. Richard Shelby (R-Ala.).
Bernanke was named Time magazine's "Person of the Year" Wednesday.
A close vote is expected in the full Senate after the holiday recess.
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