"The president has a great deal of confidence in what chairman Bernanke did to bring our economy back from the brink," deputy White House spokesman Bill Burton said. The comments came as Democratic Senator Russ Feingold joined the ranks of those saying they will vote against Bernanke, whose term is up January 31, over sharp criticism over his role in the 2008 global financial meltdown.
"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," Feingold said in a statement. Senate Democratic Majority Harry Reid had been expected early this week to start the process of ending debate on the nomination and holding a final vote, but postponed the move.
A senior Senate Democratic aide said Reid was gauging the depth of opposition to Bernanke before holding a confirmation vote. The aide, who declined to be named, said it was not yet clear Bernanke would get the 60 votes needed to ensure confirmation. Reid met with Bernanke on Thursday and said in a statement he had pressed the central bank chief on applying "more pressure" to banks to lend to small businesses and to aid homeowners facing foreclosure.
"The American people expect our economic leaders to keep Wall Street honest and level the playing field for middle class families and I will continue to hold their feet to the fire to ensure this happens," said Reid. "As the Senate prepares to take up chairman Bernanke's nomination, I look forward to hearing more from him about how he intends to address these issues," the senator said.
About 10-15 Democrats have indicated to their colleagues that they oppose the nomination, and others have indicated that they have yet to make up their minds, according to an aide to a senator who opposes Bernanke's confirmation. Time magazine named Bernanke its 2009 "Person of the Year" in December, crediting him with helping guide the United States through financial turmoil.