U.S. Sen. Dianne Feinstein, D-Calif., this morning expressed her support for Ben Bernanke’s re-confirmation as Federal Reserve Chairman:
“I believe it would be a mistake not to reconfirm Ben Bernanke as Chairman of the Federal Reserve. To blame one man for the financial implosion is simply wrong. It is up to the government to change the law, and I believe the Volcker Rules – all of them – should be moved through Congress promptly.
“Prudent regulation of the financial sector, combined with expanded authority for the Fed, the Commodity Futures Trading Commission and the Securities Exchange Commission, is vital.
“Ben Bernanke has been helpful to the recovery and, for reasons of stability and continuity, should be reconfirmed. I support him fully.”
U.S. Sen. Barbara Boxer, D-Calif., on Friday had taken a more populist, anti-bank stance by saying she’ll oppose the re-confirmation:
“I have a lot of respect for Federal Reserve Chairman Ben Bernanke. When the financial crisis hit in late 2008, he took some important steps to prevent what many economists believe could have been an even greater economic catastrophe.
“However, it is time for a change – it is time for Main Street to have a champion at the Fed. Dr. Bernanke played a lead role in crafting the Bush administration’s economic policies, which led to the current economic crisis. Our next Federal Reserve Chairman must represent a clean break from the failed policies of the past.”
Per the Wall Street Journal, Bernacke needs at least 60 Senators’ support because at least four senators have used a Senate rule to object to a vote. “According to a Dow Jones Newswires tally, 26 senators have said they will back him; 15 have said they will oppose him. The remaining 59 haven’t said what they will do. Under Senate rules, the earliest a vote could come is Wednesday.”