Financial Update (Third Quarter 2009)

President Obama Reappoints Ben Bernanke as Fed Chairman

photo of Fed Chairman Ben BernankePresident Obama nominated Ben Bernanke for a second four-year term as the chairman of the Federal Reserve System on August 25. If the nomination is confirmed by the Senate, Bernanke's new term will begin on Jan. 31, 2010.

"Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic freefall," Obama said at the press conference to announce his decision.

Bernanke, who was by the president's side at the press conference, said it has been a "particular privilege" to serve as Fed chairman. "We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable economic and financial environment in which opportunity can again flourish, and in which Americans' hard work and creativity can receive their proper rewards," he said.

Press release

Appointed by then President George W. Bush, Bernanke began his tenure as Fed chairman on Feb. 1, 2006.


August 31, 2009