Bernanke Nomination On Hold

On Thursday, December 3, 2009 at 10:00 AM, the Senate Banking Committee will meet in OPEN SESSION to conduct a hearing on the nomination of The Honorable Ben S. Bernanke to be Chairman of the Board of Governors of the Federal Reserve System.Hearings are webcast live at: http://banking.senate.gov.

Bernanke Hearing: Taxpayers Deserve Answers

U.S. PIRG Statement on Federal Reserve Chairman Ben Bernanke’s Confirmation

December 2 - "Chairman Bernanke needs to answer serious questions about his advice and actions leading up to, during and in the aftermath of the financial meltdown. Taxpayers can't afford another undetected housing bubble. Businesses can't afford another lending freeze. None of the unprecedented actions taken by the Federal Reserve have led to more jobs and financial security for families. And without meaningful transparency, no one knows exactly what he's done.

"In addition, the Fed's new claims that it's a born-again consumer advocate and bubble-fighter are just claims. Congress needs to enact legislation to protect consumers, prevent systemic risk and to audit and democratize the Federal Reserve."

Senator opposes Fed chief Bernanke renomination

Senator Bernie Sanders said on Sunday he will not vote to reconfirm Ben Bernanke as chairman of the Federal Reserve, in a preview of the rough treatment Bernanke may get this week on Capitol Hill.

From the Press Release: Sanders Puts Hold on Bernanke

December 2, 2009

Sen. Bernie Sanders (I-Vt.) today placed a hold on the nomination of Ben Bernanke for a second term as chairman of the Federal Reserve.

“The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few,” Sanders said. “What the American people did not bargain for was another four years for one of the key architects of the Bush economy.”

As head of the central bank since 2006, Bernanke could have demanded that Wall Street provide adequate credit to small and medium-sized businesses to create decent-paying jobs in a productive economy, but he did not.

He could have insisted that large bailed-out banks end the usurious practice of charging interest rates of 30 percent or more on credit cards, but he did not.

He could have broken up too-big-to-fail financial institutions that took Federal Reserve assistance, but he did not.

He could have revealed which banks took more than $2 trillion in taxpayer-backed secret loans, but he did not.

“The American people want a new direction on Wall Street and at the Fed. They do not want as chairman someone who has been part of the problem and who has been responsible for many of the enormous difficulties that we are now experiencing,” Sanders said. “It’s time for a change at the Fed.”