BREAKING NEWS

Fed's Bernanke picked for second term

AUGUST 25, 2009 06:15

Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned Monday night. Obama plans to make the announcement on Tuesday during a break from his vacation on Martha's Vineyard. A senior administration official discussed the nomination on the condition of anonymity because it was not yet public. In remarks prepared for the announcement, Obama praised Bernanke for leading the country through a financial crisis and, with his expertise on the Great Depression, helping to prevent a similar crisis. "Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall," Obama said in prepared marks obtained by the AP.

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