Archive for Tuesday, August 25, 2009

Source: Fed’s Bernanke picked for second term

August 25, 2009

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— Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned Monday night.

Bernanke masterminded what is now seen as a successful strategy to lift the economy out of recession, unlock credit and stabilize financial markets in part by using unconventional and unprecedented lending programs.

Obama plans to make the announcement this morning on Martha’s Vineyard, where he is vacationing for the week with his family. Bernanke is expected to be at his side.

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