January 24th, 2010
09:34 AM ET
10 years ago

Adviser: Obama believes Bernanke will be confirmed again

Washington (CNN) - President Barack Obama believes Federal Reserve Chairman Ben Bernanke will be confirmed for a second term, despite opposition by some Senate Democrats, Obama's senior adviser said Sunday.

"We need his leadership, and the president is very confident that the chairman will be confirmed," David Axelrod said on CNN's "State of the Union."

Axelrod praised Bernanke's "very strong and steady leadership" during the economic crisis that began in 2008, saying without it, the nation's economy may have "slipped into the abyss."

However, some members of the Senate Democratic caucus, led by independent Bernie Sanders of Vermont, said last week they would oppose Bernanke's confirmation for a second term.

The news contributed to a downturn in U.S. financial markets and prompted Senate leaders including Dick Durbin of Illinois, the second-ranking Democrat, to publicly endorse the Bernanke nomination.

Axelrod said Obama has been speaking with Senate leaders and that "the readings he's getting in his conversations is that Chairman Bernanke will be confirmed."

Senators interviewed on Sunday talk shows demonstrated divided feelings, with some expressing support and others opposition to Bernanke's nomination.

On CNN, Democratic Sen. Robert Menendez of New Jersey and Republican Sen. Orrin Hatch of Utah both said they will vote to confirm Bernanke, while Republican Sen. John Cornyn of Texas said on "FOX News Sunday" he'll oppose the chairman. Republican Sen. John McCain of Arizona also told the CBS' "Face the Nation" that he has reservations about a second term for Bernanke.

Updated: 12:46 p.m.

soundoff (5 Responses)
  1. If you want something ruined, put a republican in charge

    As much as I hated to see republicans put in high level positions of the Obama administration, I think we should now stay the course, and let Ben continue.

    January 24, 2010 10:09 am at 10:09 am |
  2. sarah

    Is Bernanke a Republican???

    January 24, 2010 10:32 am at 10:32 am |
  3. NM Voter

    Ben Bernanke is a Bush holdover and has done a terrible job. Don't take my word for it. Check his track record. It is time for him to go. He has had many, many chances to do something constructive and has blown every one of them. Let Ben "stay the course"? You're joking, right?

    January 24, 2010 10:36 am at 10:36 am |
  4. david

    obama is doing a good job of further ruining the usa and hurting u.s. citizens. it's not about bush or any prior administration, it is now about obama and his lackeys in the u.s. house and senate. they have had a year but have failed miserably other than being able to give out free bailout money. bernanke has been a poor performer and should not be rewarded with a second term. but wait one, that's what we the people are good at these days..rewarding failures and poor performers.

    January 24, 2010 11:01 am at 11:01 am |
  5. Who said the Mayans were wrong?

    He shouldnt be,hes a sneaky little crook.

    January 24, 2010 11:09 am at 11:09 am |