Wednesday, November 11, 2009

Dodd Expects Senate Reconfirmation of Bernanke by Christmas

Looks like we are going to get to see just how Fed Chairman Ben Bernanke will try and drain a trillion dollars of excess reserves from the system.

Senate Banking Committee Chairman Christopher Dodd (D-CT), at a press conference Tuesday, said he expects Bernanke to be confirmed for another four-year term by Christmas.

Bernanke’s current term expires at the end of January.

At a press conference to discuss his legislation overhauling financial-market rules, Sen. Dodd said Bernanke was someone he had “great admiration for” and thinks “is doing a terrific job.”

Asked by a reporter after the press conference if he thought Mr. Bernanke would be confirmed by Christmas, Dodd replied, “I think so.”

Hearings are expected in early December. Bernanke must be confirmed by Dodd’s panel before facing a full vote on the Senate floor.

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