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Senators Tell Obama That Ben Bernanke Has Votes For Comfirmation

January 24, 2010

Good.

Obama made calls from the White House to members of the Senate leadership and others and was assured Bernanke would win confirmation, a senior White House official told The Associated Press. The official spoke on the condition of anonymity to discuss the private phone calls.

If Bernanke’s nomination were derailed it would send tremors through Wall Street, which in turn could hobble an already fragile economic recovery and slow any comeback in the ailing jobs market. The mounting opposition to Bernanke was one of the factors worrying investors as the stock market suffered its worst setback in more than 10 months this week, losing 552 points from Wednesday to Friday.

Bernanke is widely credited with helping to prevent the Great Recession from turning into a second Great Depression. But his support of Wall Street bailouts has angered Americans who are struggling with double-digit unemployment and soaring home foreclosures.

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