Washington, DC—U.S. Senator Tim Johnson (D-SD) commented today on the re-nomination of Ben Bernanke to be Chairman of the Federal Reserve Board of Governors as the Banking Committee considers his confirmation at a hearing this morning:
As we are tasked with the re-nomination and confirmation of Mr. Bernanke to be Chairman of the Federal Reserve Board of Governors today, our nation is also faced with finding ways to restore financial stability, promote economic recovery, and to find solutions to ensure that an economic crisis like the one we faced last year never happens again.
While there has been criticism of the Federal Reserve for not doing enough to protect consumers and for the unprecedented actions it took during last year’s financial crisis, there is also consensus that Mr. Bernanke’s energetic response to the economic crisis kept our nation out of a Depression.
Going forward there is no doubt the Fed can do better, it can be more proactive, and it can better communicate with Congress. But, let’s not forget what Mr. Bernanke and the Fed did right during the last many challenging months.
As our nation continues on the path to economic recovery, there is no doubt that having one of the world’s foremost experts on the Great Depression at the helm of the Federal Reserve is a benefit to our nation. The Fed has economic and financial expertise that is unrivaled, and I believe that Mr. Bernanke has rightly been re-nominated for this post. I will support Mr. Bernanke’s re-nomination as Chairman of the Board of Governors of the Federal Reserve today. I am confident he can assist our nation in finding solutions to be a stronger and more fiscally stable nation.