President Obama is expected to re-appoint Ben Bernanke as the Chairman of the Federal Reserve this morning, ending speculation on a job critical to the U.S. economic recovery. Bernanke is a Republican first appointed by President George W. Bush. The Washington Post obtained the statement to be issued by the President this morning:
“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,” Obama plans to say. “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.”
Senator Chuck Schumer of New York praised the appointment:
“He is smart, thoughtful, and not an ideologue — the kind of person we need as we work to turn the economy around,” Schumer said in a statement Monday night.
Bernanke has not been universally praised, but the financial markets appear to be supportive of his re-appointment.