Ben in the spotlight

3 December 2009 By James Pethokoukis

The Fed chairman s efforts to shore up political and public support have left many far from convinced. If he wants to remain at the helm of the US central bank and to preserve its perceived independence the former academic would do well to show greater realism.

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Federal Reserve Chairman Ben Bernanke is appearing on December 3 before the Senate Banking Committee, which is considering his nomination to a second term at the head of the U.S. central bank. Lawmakers are likely to question him over taxpayer bailouts of financial firms such as American International Group and Bear Stearns and what they see as lax Fed regulation of banks and lenders that laid the groundwork for the credit crisis.

Senator Bernie Sanders, an independent from Vermont, has placed a "hold" on Bernanke's nomination, arguing the Fed chief has done little for average Americans while going too easy on big banks. The move could force Senate leaders to round up 60 votes just to consider Bernanke's nomination, slowing the confirmation process and giving critics an opportunity to press their case.

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