Ben Bernanke To Be Tested On The Hill

On Thursday Ben Bernanke the Federal Reserve chairman will testify in front of the Senate Banking Committee in regards to his nomination for a second 4 year term. This might play out as a bumpy road for the chief, given this weekend Senator Bernie Sanders announced that he would not vote for Bernanke. Stating that Bernanke “didn’t do anything to preventing us from sinking into this disaster that Wall Street caused,” and that Bernanke was part of the problem.

Now Senator Sanders is an independent so it will be very interesting to see how republican and democratic senators will feel this week.

The Fed’s role in the economy has greatly grown with new powers, one obvious example would be the financing of emergency bailout bills for major financial institutions. Politicians have begun to criticize the Fed’s policies and power and want to expose its decisions. The question to ask is, “is this a renomination for Ben Bernanke or for the Federal Reserves new policies?”

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This entry was posted on November 29, 2009 at November 29, 2009 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.