Bernanke receives Obama approval for second term
US President Barack Obama has given his support to Ben Bernanke, the chairman of the Federal Reserve, for a second term as head of the regulator.
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 info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on People
People: Citi snags Raghavan, SocGen bags Estrada, all change at NYCB, and more
Latest job changes across the industry
Kane to leave Citadel Securities for senior Miax role
Options exchange has been on a four-year acquisition spree
Asia moves: senior hires at Millennium, Citi, SMBC and more
Latest job news from across the industry
Ken Pang set to join Millennium as Asia equities head
Former Credit Suisse markets co-head joins hedge fund’s Hong Kong office
People: Risk shake-up at Santander, JPM juggles markets, and more
Latest job changes across the industry
People: UBS rejigs EQD, risk head departs; Rustad joins buy side, and more
Latest job changes across the industry
Rustad re-emerges at Taula Capital
Former JP Morgan clearing head to help prepare for Q2 fund launch
UBS to lose group banking book risk manager
Senior risk manager of Swiss banks’ combined banking books to leave for new opportunities
Most read
- Top 10 operational risks for 2024
- Regulators’ FRTB estimates based on faulty premise – industry study
- As FCMs dwindle, regulators fear systemic risk