US President Barack Obama phoned Senate allies as two key senators predicted that embattled Federal Reserve Chairman Ben Bernanke will be confirmed for a second term.
Obama made calls from the White House to members of the Senate leadership and others yesterday and was assured Bernanke would win confirmation, a senior White House official told The Associated Press. The official spoke on the condition of anonymity to discuss the private phone calls.
If Bernanke's nomination were derailed it would send tremors through Wall Street, which in turn could hobble an already fragile economic recovery and slow any comeback in the ailing jobs market. The mounting opposition to Bernanke was one of the factors worrying investors as the stock market suffered its worst setback in more than 10 months this week, losing 552 points from Wednesday to Friday.
Bernanke is widely credited with helping to prevent the Great Recession from turning into a second Great Depression. But his support of Wall Street bailouts has angered Americans who are struggling with double-digit unemployment and soaring home foreclosures.
The Senate is scheduled to vote on the Bernanke confirmation by the end of this coming week, said Jim Manley, spokesman for Senate Majority Leader Harry Reid.
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