Bernanke receives Obama approval for second term

Obama praised the Fed chief's background, temperament and "out-of-the-box thinking" for helping "put the brakes on our [US] economic freefall", in a speech in Oak Bluffs, Massachusetts yesterday. Taken together, the actions of the Fed and the government to stabilise the financial system, to repair credit markets and restructure the auto industry represent a "bold, persistent experimentation" that has "brought the economy back from the brink", Obama added.

Bernanke thanked the President for "his unwavering support for a strong and independent Federal Reserve". He also praised Fed staff and said that during the credit crisis the regulator had been "bold or deliberate as circumstances demanded".

Bernanke was sworn in as Fed chairman in February 2006, replacing Alan Greenspan, who had held the role since August 1987. He is also chairman of the Federal Open Market Committee. Between June 2005 and January 2006, he was chairman of the President's Council of Economic Advisers.

He is a veteran of the Federal Reserve System, having held numerous roles, including member of the board of governors from 2002 to 2005, as well as being a visiting scholar at the Federal Reserve Banks of Philadelphia (1987-89), Boston (1989-90), and New York (1990-91, 1994-96). He was also a member of the academic advisory panel at the New York Fed between 1990 and 2002.

His current tenure as chairman was due to expire on January 31, next year. Final approval for a second term is still required from the US senate.

See also: End of an era for the world
Greenspan joins Deutsche Bank
Bernanke: Public-private partnership required to value toxic assets
Bernanke calls for regulatory overhaul of financial system

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here