Senate Support for Bernanke Suddenly Shaky
Democratic leaders not sure If Fed boss has the votes for reconfirmation.
Jan. 22, 2010 -- One week ago, the Senate reconfirmation of Federal Reserve Chairman Ben Bernanke appeared to be a foregone conclusion. What a difference a week makes.
Now the Democratic leadership in the Senate worries there are not enough votes to reconfirm the Fed boss, as ABC News first reported Thursday night.
On Friday morning, two more Democrats added their names to the list of liberals opposing a second term for Bernanke.
Watch More on the Bernanke Confirmation Tonight on "World News With Diane Sawyer," at 6:30 p.m. ET
"Under the watch of Ben Bernanke, the Federal Reserve permitted grossly irresponsible financial activities that led to the worst financial crisis since the Great Depression," said Sen. Russ Feingold of Wisconsin in a statement. "And as it responds to the crisis it helped to usher in, the Federal Reserve under Chairman Bernanke's leadership continues to resist appropriate efforts to review that response, how taxpayers' money was being used, and whether it acted appropriately."
Sen. Barbara Boxer of California noted that she respects Bernanke personally and supported his actions to avert a financial meltdown in the fall of 2008, but she will vote against his nomination.
"It is time for Main Street to have a champion at the Fed," she said. "Dr. Bernanke played a lead role in crafting the Bush administration's economic policies, which led to the current economic crisis."
The latest announcements bring to five the number of Democratic caucus members who have said they will oppose Bernanke.
The Fed chief's main antagonist, Sen. Bernie Sanders, I-Vt., has put a hold on Bernanke's nomination, and it will take 60 votes for the Senate to break a filibuster and proceed to a final vote. Democrats and the White House will need support from some Republicans who support Bernanke.
Sen. Byron Dorgan, D-N.D., and Sen. Jeff Merkley, D-Ore., have also voiced their opposition.
"Dr. Bernanke's approach helped set our economic house on fire," Merkley said Dec. 17 as the Senate Banking Committee voted 16-7 to send the Fed chief's nomination on to the full Senate.
