Shelby Comments On Bernanke Nomination For Second Term

Richard Shelby Federal Reserve U.S. Senator Richard C. Shelby (R-Ala) today made the following statement regarding President Obama’s announcement that he has nominated Ben Bernanke to serve a second term as Federal Reserve Chairman.

by Senator Shelby's Office

Published: Tue, August 25, 2009 - 11:00 am CST Last Updated: Tue, August 25, 2009 - 11:04 am CST

WASHINGTON, DC, Tuesday, August 25, 2009 – U.S. Senator Richard C. Shelby (R-Ala) today made the following statement regarding President Obama’s announcement that he has nominated Ben Bernanke to serve a second term as Federal Reserve Chairman.

“Consideration of Chairman Bernanke’s nomination to serve a second term raises several important issues. The Banking Committee should carefully examine the impact of the Fed’s failures as a bank regulator, how such failures contributed to the financial crisis, and whether Chairman Bernanke’s performance as the chief regulator merits his reconfirmation.

“Second, we should closely examine the impact ad hoc decision-making had on the financial markets during the crisis. I remain convinced that a thoughtful, more deliberative approach would have led to a better result than the panicked response the regulators chose.

“Finally, we must be mindful that this crisis is not over. We must determine whether Chairman Bernanke has the strategic vision to chart the necessary course going forward and the resolve to stick to it, especially in light of today’s announcement that the national debt is projected to exceed 23 trillion dollars.”

“I look forward to working with Chairman Dodd to schedule a confirmation hearing to address these and other questions and concerns.”

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asiseeit Says:

Tue, Aug 25, 2009 at 3:21 pm

if that was the case, bush would have not been re-elected. i guess it took america to see the second time around that he didn’t get it right the first time either.

Surf Says:

Tue, Aug 25, 2009 at 3:18 pm

Mr Shelby is correct. Time will prove what he says is true. Bernanke obviously couldn’t do the job right the first time, WHY would he get a second chance? One reason and one reason only: Obama would have to put in somebody that might actually have a brain, and know how to use it, instead of just being another “yes” man.

asiseeit Says:

Tue, Aug 25, 2009 at 11:32 am

alabama’s representatives are just like mean bulls. the buck against anything president obama suggest.

claycitymadness Says:

Tue, Aug 25, 2009 at 11:25 am

and again alabamas minority representative speaking out against the presdents choice. wasnt he all for him when bush nominated him? keep qiet, form an alliance with the president and start bringing home the bacon to alabama instead of alienating the people who control the money. lets build tankers n mobile, not deal with a tanked economy.