Senate OKs Bernanke

The Senate voted 70-30 to end its debate over Ben Bernanke's nomination for a second four-year term as Chairman of the Federal Reserve, a move that allows the controversial Bernanke will be reinstated to the position. Bernanke is widely credited by his supporters with staving off further disaster during the financial crisis last year, and many politicians expressed fears that a rejected nomination would throw the global economy into further chaos. No president's nominee for the position has ever been rejected, and Senator Robert Menendez of New Jersey said, "to vote against confirmation could unnerve investors and exacerbate economic uncertainty in the marketplace." However, Bernanke also faced harsh words from his critics, who blame him for the poor oversight of big banks and financial institutions. One senator said "Bernanke fiddled while our markets burned," while another stated that "a vote for Ben Bernanke is a vote for bailouts."