President Obama plans to nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve, administration officials said Monday night.Wall Street types love Bernanke. The big announcement will be made from Martha's Vineyard tomorrow. Making this announcement at a playground for the rich and famous is oddly appropriate.
The nomination, while expected, comes after Mr. Bernanke has had perhaps the most tumultuous term of any Fed chairman, helping to steer the economy through its greatest downturn since the 1930's. Mr. Bernanke is a Republican who was appointed by President George W. Bush.
A top White House official said Mr. Obama had decided to keep Mr. Bernanke at the helm of the Fed because he had been bold and brilliant in his attempts to combat the financial crisis and the current deep economic recession.
I can't wait to read what Chris has to say about this one.
