Aug 25 2009

SHELBY COMMENTS ON BERNANKE NOMINATION FOR SECOND TERM

U.S. Senator Richard C. Shelby (R-Ala) today made the following statement regarding President Obama’s announcement that he has nominated Ben Bernanke to serve a second term as Federal Reserve Chairman.

“Consideration of Chairman Bernanke’s nomination to serve a second term raises several important issues.  The Banking Committee should carefully examine the impact of the Fed’s failures as a bank regulator, how such failures contributed to the financial crisis, and whether Chairman Bernanke’s performance as the chief regulator merits his reconfirmation. 

“Second, we should closely examine the impact ad hoc decision-making had on the financial markets during the crisis.  I remain convinced that a thoughtful, more deliberative approach would have led to a better result than the panicked response the regulators chose.  

“Finally, we must be mindful that this crisis is not over.  We must determine whether Chairman Bernanke has the strategic vision to chart the necessary course going forward and the resolve to stick to it, especially in light of today’s announcement that the national debt is projected to exceed 23 trillion dollars.”   

“I look forward to working with Chairman Dodd to schedule a confirmation hearing to address these and other questions and concerns.”