Ben Bernanke has been nominated by President Barack Obama for a second term as the head of the Federal Reserve after showing great “calm and wisdom” in the midst of a global financial crises. Maybe that’s the president’s way of saying, “It could’ve been worse.”
But no one can’t deny the grace that the Fed chief has shown during these turbulent times effectively preventing an economic collapse that could’ve ushered in the United States’ second Great Depression.
Bernanke’s term has not been without criticism. Some think that the Fed made moves a bit too late and that it could’ve made more definitive moves before the crisis escalated. The Fed was also criticized for keeping interest rates low for long contributing to the housing crisis.
If re-appointed, Bernanke will face more challenges as the government aims to steer the economy towards a real recovery.
The President’s nomination also underscores his willingness to reach across party lines. Bernanke is a Republican. The decision will still be up for a vote before the Senate before Bernanke officially assumes another four-years.
Source: CNN
