December 3rd, 2009
11:45 AM ET
8 months ago

Key senator backs Bernanke confirmation

Sens. Dodd and Shelby spoke out Thursday about Fed Chairman Ben Bernanke.
Sens. Dodd and Shelby spoke out Thursday about Fed Chairman Ben Bernanke.

NEW YORK (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke got an endorsement from Senate Banking Committee Chairman Chris Dodd at the start of his confirmation hearing Thursday, even as Dodd called for a removal of some of the central banks current powers.

Dodd said Bernanke and the Fed deserved credit for the steps taken in the financial crisis of a year earlier to stop the economic crisis from becoming significantly worse than it did.

"I believe you are the right leader for this moment in the nation's economic history and it would send the right message to markets," Dodd said during his opening statement.

But the committee's ranking Republican, Sen. Richard Shelby of Alabama, was far more critical of Bernanke in his opening statement, telling Bernanke "I fear now our trust and confidence (in the Federal Reserve) was misplaced." He did not say whether he would vote for or against confirmation, though.

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Filed under: Ben Bernanke • Federal Reserve
soundoff (17 Responses)
  1. angie

    Sen. Dodd has never taken responsibility for his lack of OVERSIGHT!!
    And re-confirming Bernanke, who brought our country to the brink of DISASTER, will guarantee neither man will be held accountable!

    Obama – get rid of the Bu$h boyz, Bernanke and Geithner.

    December 3, 2009 12:33 pm at 12:33 pm |
  2. Jeff from Chicago

    If dodd's supporting him, he can't be that good!

    December 3, 2009 12:45 pm at 12:45 pm |
  3. panem et circensus

    Dodd endorsing someone in the finance sector for a position of public trust is like the fox endorsing a weasel for honesty in policing the hen house.

    December 3, 2009 12:50 pm at 12:50 pm |
  4. victim of the false prophet OBAMA

    Why is Dodd not in jail??

    December 3, 2009 12:58 pm at 12:58 pm |
  5. Fitz in Texas

    If Ben Bernanke got an endorsement from Crook Chris Dodd we all know Ben Bernanke needs to go. If we're lucky he'll take Dodd with him.

    December 3, 2009 01:08 pm at 1:08 pm |
  6. TCM

    Wow....getting an endorsement from Dodd, one of the architects of the entire mortgage meltdown that led to our country suffering it's current financial situations....a crook in every right....and he's a "key," democrat? haha....

    December 3, 2009 01:15 pm at 1:15 pm |
  7. gt

    americans dont believe anything dodds says.... just look at the mess he and barney frank has gotten us into ....

    December 3, 2009 01:17 pm at 1:17 pm |
  8. Frank

    If someone sets fire to a house, then puts half of it out, managing to save half of the house, is he commended on saving half of it? In the strange world of politics funded by taxpayer money, he apparently is.

    December 3, 2009 01:28 pm at 1:28 pm |
  9. mjm

    Well...as long as Dodd's ok with him....

    December 3, 2009 01:33 pm at 1:33 pm |
  10. Sea.gem

    Christopher Dodd should be forced to resign for his role in the economic collapse...keep him (and Barney Frank) away from anything to do with finance.

    December 3, 2009 01:44 pm at 1:44 pm |
  11. J.P.

    Senator Chris "Fannie-Freddie-CRA-food-stamp-mortgage-housing-bubble-creator" Dodd backs Bernanke?

    That endorsement should speak volumes about Bernanke's competence and character. My grandmother once said, "You're no better than the company you keep."

    December 3, 2009 01:55 pm at 1:55 pm |
  12. Nat, NYC

    Dodd and Bernanke are the apples from the same tree.

    December 3, 2009 02:01 pm at 2:01 pm |
  13. Dennis

    An endorsement from Dodd should be the kiss of death.

    December 3, 2009 02:05 pm at 2:05 pm |
  14. gary

    Bernanke was a good choice when bush appointed him but now that Obama reappoints him the republicans dont want him.How does this make any sense to the average american.

    December 3, 2009 02:23 pm at 2:23 pm |
  15. Democrats = party of hate!

    Figures, the two men who were most responsible for the crash would support each other!

    December 3, 2009 02:31 pm at 2:31 pm |
  16. oldtimer

    Dodd also needs to go. So does Bernanke. Abolish the Federal Reserve.

    December 3, 2009 02:49 pm at 2:49 pm |
  17. JS007

    Too many people fail to realize that Mr. Bernanke almost single-handedly helped avert the Great Depression II. When history books are written he will be one of the heroes.

    December 3, 2009 03:20 pm at 3:20 pm |