ABC News' Yunji de Nies reports: White House sources tell ABC News that President Obama will nominate Federal Reserve Chairman Ben Bernanke to a second term on Tuesday. The president will make an on camera statement to the press at 9am on Tuesday from Martha's Vineyard, where he is vacationing with his family. The federal reserve chairman's four year term is slated to expire in January. His reappointment will require confirmation from the Senate.
The President will appear alongside the Fed Chairman tomorrow. According to a White House source, "The president wanted the team that has been working to rescue this economy together. This continuity is crucial. Rahm [Emanuel], [Tim] Geithner and Larry [Summers] all recommended to the president that Bernanke be retained to ensure this continuity." ABC News has obtained a portion of the President's prepared remarks:
"Ben Bernanke has led the Fed through the one of the worst financial crises that this nation and this world have ever faced. As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another. But because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve. And that is why I am re-appointing him to another term as Chairman of the Federal Reserve. 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 freefall. Almost none of the decisions he or any of us made have been easy. The actions we have taken to stabilize our financial system, repair our credit markets, restructure auto industry, and help the overall economy recover have all been steps of necessity, not choice. They have faced plenty of critics, some of whom argued that we should stay the course or do nothing at all. But taken together, all of these steps have brought our economy back from the brink. They are steps that are working. Our recovery plan has put tax cuts in people’s pockets, provided health care and unemployment insurance to those who have borne the brunt of this recession, and is continuing to save and create jobs that otherwise would have been lost. Our auto industry is showing signs of life. Business investment is showing signs of stabilizing. Our housing market and credit markets have been saved from collapse."