That’s what the buzz is this morning. According a report from the Wall Street Journal, Obama called Ben Bernanke on Wednesday to offer another 4-year term as the Fed Chairman. The President who is currently on vacation in Martha’s Vineyard will make the announcement on Tuesday. This news ends speculation about whether Bernanke will be able to continue his policies or if a new name will be taking the Fed Chairman post. Well, this is really what pretty much everyone is hoping for.
Wall Street Journal report writes:
President Barack Obama will announce the nomination of Ben Bernanke to a second term as Federal Reserve chairman on Tuesday, opting for continuity in U.S. economic policy despite criticism in Congress of the low-key central banker’s frantic efforts to rescue the financial system.
An excerpt from the Financial Times’ report:
It follows Mr Bernanke’s extraordinarily aggressive efforts to fight the economic crisis, including radical interest rate cuts, loans to non-bank financial institutions, Fed-led bailouts of Bear Stearns and AIG and gigantic asset purchases – exploiting the Fed’s powers to their legal limits in a bid to prevent a second Great Depression.
Read the entire WSJ report.
Read FT’s version of the news.
You can always opt for the more comprehensive via Bloomberg.
CNBC nicely puts together comments from experts re: the pros of reappointing Ben.
That’s a lot of options for you. You choose.