Bernanke cleared to take over chair of Federal Reserve

Associated Press

WASHINGTON -The Senate on Tuesday approved the nomination of Ben Bernanke to be the next chairman of the Federal Reserve, the most influential economic policy job in the world.

Bernanke, 52, was cleared on a voice vote after a short debate in the chamber amid strong bipartisan support.

He succeeds Alan Greenspan, 79, who retires Tuesday after 18 1/2 years, making him the second-longest serving chairman at the central bank.

“We believe that Dr. Bernanke will serve this country well at the helm of the Federal Reserve,” said Sen. Richard Shelby, R-Ala., in remarks on the Senate floor before the vote.

Sen. Paul Sarbanes, D-Md., observed: “There’s no question about Dr. Bernanke’s qualifications for the position … He commands great respect from his peers in the profession and I think great respect from all who have come in contact with him.”

Sen. Jim Bunning, R-Ky., was the only senator recorded as voting against the nomination. Bunning cited concerns that Bernanke would be too much like Greenspan. “Sadly, I have not seen very much evidence of him being independent,” Bunning said.

Bernanke was tapped by President Bush in October for the Fed post.