Wednesday, December 16, 2009

More for Bernanke to Sweat About

Sen. Jeff Merkley (D., OR) said he will vote against Federal Reserve Chairman Ben Bernanke when the Senate Banking Committee meets tomorrow to consider a second term for him at the helm of the Fed.

Merkley is the first Democrat on the banking panel to announce opposition to Bernanke. Sen. Bernie Sanders, an independent from Vermont, is the only other senator affiliated with Senate Democrats to come out against the Fed chairman so far.

The Senate Banking panel vote is likely to send Bernanke's nomination to the full Senate, which is expected to vote on the nomination in January, 2010.

The public is against Bernanke, even if TIME magazine is not. It is politically, thus, easy for them to throw Bernanke under the bus, if they so choose.

He'll get the votes tomorrow, and right now it looks like he has the votes in the full Senate, but January 2010 is a long way off. I wonder what Larry "I would like to be Fed chairman" Summers is thinking right now?

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