The Fed Failed

The Senate banking committee voted Thursday to approve the nomination of Ben S. Bernanke for a second four-year term as chairman of the Federal Reserve.  As the nomination moves to the Senate as a whole, Sen. Bernie Sanders reiterated his strong opposition to the nomination.  Sanders to MSNBC’s Dylan Ratigan, “The most important job of the Fed is protecting the safety and soundness of our financial institutions.  And in that regard, there is no debate, zero debate: Chairman Bernanke failed.  He was asleep at the switch while Wall Street engaged in reckless, illegal gambling-like behavior, which drove this country into the worst recession since the 1930s. It is incomprehensible to me that with a record like that this guy should be reappointed.”  Sanders, a member of the Senate budget committee, has placed a hold on the nomination.  

Sanders hosted a Capitol Hill news conference on Wednesday with William Black, associate professor of Economics and Law at the University of Missouri – Kansas City; and Robert L. Borosage, president of the Institute for America’s Future and co-director of the Campaign for America’s Future.  To watch video of the event, click here.