Bernanke Named for New Fed Term

United States President Barack Obama (R) announces he is nominating Federal Reserve Chairman Ben Bernanke (L) for a second term during a new conference at the Oak Bluffs School in Oak Bluffs Massachusetts on Martha's Vineyard USA 25 August 2009. Photo by

US President Obama has confirmed that he has nominated Ben Bernanke for another term as chairman of the US central bank, the Federal Reserve.

The president took a break from his summer holiday to make the announcement.

Bernanke's initial four-year tenure is to come up for renewal in January.

Obama said Bernanke had helped prevent a repeat of the Great Depression.

"Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall," the president said.

"Our auto industry is showing signs of life. Business investment is showing signs of stabilising. Our housing market and credit markets have been saved from collapse.

"Taken together, all of these steps have brought our economy back from the brink. They are steps that are working," the president said.

Bernanke said that the Federal Reserve had "been challenged by the unprecedented events of the past few years".

And he vowed that, if confirmed in his post by the Senate, to work with his fellow Fed members towards "growth and prosperity in an era of price stability".

 

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